(PRWEB UK) 31 March 2015
The Construction Industry within New York State is to continue growing, with the potential to surpass those heights achieved during the 2007 and 2008 boom years. Spending is the most notable statistic to look at, with estimates of $35.3 billion in 2015 and $35.6 billion in 2016 forecast by the New York Building Congress. President of the Building Congress, Richard T. Anderson, attributes this to “an improving economy, increase in foreign investment, and continued progress on a handful of major public and private sector initiatives.”
The New York City Construction Outlook 2014-2016 report is backed by the findings of The American Institute of Architects (AIA) which also predicts spending will increase from 5.8% in 2014 to 8% in 2015. When factoring in inflation these spending figures are nominal, however, employment statistics show equal levels of growth, with a total of 125,100 construction jobs in 2015; an increase of 4,000 jobs from 2013.
High-end residential is one of the main sectors leading the way. These projects are the driving force to the industry's continued growth. A total of $11.7 billion is set to be spent on this sector alone in 2015. Last year, permit applications for 44,825 units across the five boroughs were submitted, a sharp increase from 2013. Despite the rise, it's worth noting that the key to maintaining this significant increase is to not only focus upon high-end residential projects, but to have the “ability to produce a wide range of housing at multiple price points through the five boroughs” as stated by Building Foundation Chairman Frank J. Sciame.
Other notable sectors include Government and Commercial construction. Government spending peaked at $14.3 billion in 2014 and is set to stay above $13 billion in 2015, most of which will focus upon key infrastructure developments that include, but are not limited to, schools, libraries, and mass transit, with the new MTA Second Avenue Subway project potentially planning a $32 billion spend over the next five years if funding can be approved.
Commercial sector spending is still set to rise above $10 billion this year, despite the lack of new planned sporting venues and that none of the current major venues, such as Madison Square Garden, the Barclays Center or Yankee Stadium, will be undergoing planned refurbishments. Combined with the projected $2 billion in annual spending by New York's colleges and Universities in the coming years, all sectors within the industry look set to return to the peak levels reached during 2008.
In March 2016 (7th & 8th), Oliver Kinross will bring a new, leading construction exhibition, New York Build 2016, to the world renowned Javits Center in Manhattan, New York. New York Build is part of a successful series of construction exhibitions, with other industry leading events in London and Scotland being hosted in 2015 at the O2 (London Build 2015) and SECC (Scotland build 2015) respectively.
New York Build 2016 will have over 10,000 quality attendees and 200+ exhibitor companies and organisations from the extended construction industry. Everyone from architects to property investors, and site managers to planning authorities will be in attendance, making New York Build 2016 the essential forum to capitalise on continuing industry growth.
Over the course of this two day event, New York Build 2016 will be hosting a range of presentations and workshops, run by high calibre delegates, which will focus on the latest developments, opportunities as well as providing key case studies from on-going and future projects. The VIP presenters will be announced shortly. There will also over 20 CPD accredited workshops across the two days.
New York Build 2016 is now registering attendees. To register simply visit http://www.newyorkbuildexpo.com/register today to sign up for free and take advantage of a hugely exciting time for an accelerating industry.
References:
New York Yimby - http://newyorkyimby.com/2014/09/the-mta-wants-second-avenue-subway-downpayment-but-cant-tell-us-how-much-itll-cost.html
Capital New York - http://www.capitalnewyork.com/article/city-hall/2014/10/8555156/report-construction-spending-will-hit-record-level-year
Building Congress - http://www.buildingcongress.com/press/2014-10-23.html
Buildings - http://www.buildings.com/news/industry-news/articleid/16937/title/commercial-construction-forecast-promising-for-2014-and-2015.aspx
New York City Construction Outlook 2014-2016 - http://www.grassicpas.com/wp-content/uploads/2014/11/NYBC-contruction-outlook-2014.pdf
Notes:
Javits Centre, Manhattan. March 7th & 8th 2016.
This exhibition is organised by Oliver Kinross http://www.oliverkinross.com/
Exhibition Website: http://www.newyorkbuildexpo.com/
For all media and press enquiries please contact:
Marketing & Media Relations
email: kaltrina(at)oliverkinross(dot)com
tel: +44(0) 207 065 5500