February 10, 2017 Comments Off on Construction Costs Up 4% in the City Views: 327 New York News, Top New York

Construction Costs Up 4% in the City

Good news: The cost of construction only rose 4% in New York City during 2016, according to the New York Building Congress. That’s about the same as the rate of cost increases in the rest of the country, and less than the 5% per year New York City developers are used to.

However, 4% is still a painful increase, with labor costs rising especially quickly. “No matter what sector you analyze – commercial, residential, corporate interiors, healthcare, education and cultural – construction activity remains robust, which means a stretched labor force, increased use of overtime, and an ability for contractors to pick and choose which projects to pursue,” said Carlo A. Scissura, president and CEO of the New York Building Congress.

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