DataIndustry News

LA’s new construction booms in first half of 2016, but it’s still nowhere near New York

Developers were getting fat for the past two years, but it seems that momentum has slowed in some metros
  • New construction starts in the commercial and multifamily sector are down 5 percent from 2015 in the first half of 2016, according to a new report from Dodge Data & Analytics.
  • In 2015 there were "several unusually large projects" valued at $7.6 billion. This year, there have only been two projects over the $500 million mark.
  • New construction of commercial and multifamily buildings in Houston is down 44 percent from 2015.

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A new report from Dodge Data & Analytics shows new construction starts in the commercial and multifamily sector down 5 percent nationwide. Following a banner year in 2015 thanks to major projects in New York City, the first half of 2016 shows signs of leveling off under the previous year's mark. The biggest dollar amount change came in the form of less $500 million-plus projects starting in 2016. Last year, there were nine individual projects exceeding $500 million that totaled $7.6 billion. Three projects in NYC -- two office buildings in the Hudson Yards development and the One Manhattan West office tower -- took more than half the share of that $7.6 billion. [Tweet "New commercial/multifamily construction starts down 5 percent nationwide"] "Several points can be made to put the moderate decline for first half 2016 commercial and multifamily construction starts at the U.S. level into the proper perspective," Robert A. Murray, chief economist for Dodge Data & Anal...