| Charts
and Diagrams
Total construction spending in New York City during 2002
is holding steady at $15.3 billion, compared to $15.9 billion
in 2001 and $14.2 billion in 2000. This level of construction
activity far exceeds citywide construction levels during the
mid- to late-1990’s, when annual spending was calculated
in the $10 billion range. Looking ahead, if capital plans
are not significantly cut back, total construction spending
is expected to remain constant in 2003 ($15.5 billion) and
2004 ($15.3 billion) before rising to $17.8 billion in 2005.
 \
New York City’s construction industry employment is
expected to reach 123,000 in 2002, down slightly from 2001
when the City reached a record level of 124,800 workers. Total
construction-related employment was 90,200 in 1995 and has
risen steadily since, topping 100,000 for the first time in
1998. Employment levels are expected to remain steady through
2005. Employment data includes skilled labor, contractors,
architects, engineers and related professionals as well as
field office workers, but excludes workers on public agency
payrolls.
Employment in New York City began to increase in the mid-1990’s,
and peaked in 2000 at about the same time office construction
in Manhattan rose dramatically. From 1995-2000, just 2 major
office buildings with a combined 2.1 million-sq. ft. were
completed. Over the past two years, however, 7 such buildings
have been completed, adding 5.6 million sq. ft. Another 7
buildings, with a combined 8.4 million-sq. ft., are in various
phases of development and slated for completion from 2003-2005.
| Residential construction spending in New York City is
expected to reach $1.7 billion (12,300 units) in 2002.
While this represents a 25 percent decline from a year
ago, this level of spending is more than twice that of
1995 (5,135 units). Residential construction spiked from
1999-2001 in part because many developers sought to take
advantage of zoning changes along Midtown’s Avenue
of the Americas. Residential construction is expected
to remain in the $1.7-1.8 billion (12,000 units) range
through 2005. |
Total non-residential construction (which includes private
commercial and institutional development) is expected
to reach $4.3 billion in 2002 (13.5 million sq. ft. of
developed space), a slight drop from 2001 ($4.6 billion/14.4
million sq. ft.). Activity levels remain well ahead of
the mid-1990s ($2.75 billion/5.4 million-sq. ft. in 1995).
Construction in this sector will change little in 2003
($4.3 billion/ 13.5 million-sq. ft.). After a dip in 2004
($3.4 billion/ 10.6 million sq. ft), a return to current
levels is expected in 2005 ($4.2 billion/13.3 million
sq. ft.). |
Public sector construction accounts for much of New York
City’s construction spending. Public construction, made
up of new construction and repair and maintenance of various
infrastructure systems, educational facilities and transportation
networks, will total $9.1 billion in 2002, up from $8.9 billion
in 2001. From 1995-1999, public construction spending ranged
from $5.4-$6.6 billion. An analysis of capital budget plans
indicates that total infrastructure spending will remain at
$9.0 billion in 2003; and rise to $9.7 billion in 2004 and
$11.0 billion in 2005. |
