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Pace of Construction Starts Slows Dramatically in NYC

Tuesday, August 23, 2011

WNYC

After a partial recovery from the recession, new building activity in New York City appears to be slowing down.

After a partial recovery from the recession, new building activity in New York City appears to be slowing down.
The value of building starts in the first six months of 2011 was 6.4 billion dollars, down sharply compared with the same period in 2010, according to the New York Building Congress.
The group's president, Richard Anderson, is surprised.
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[this was not expected because we had many encouraging signs that the market was turning upward again]
Among the positive signs - a rise in the number of building permits issued by the city.
Building starts is a measure of all the dollars approved for new construction projects, and rehabs, in a given period.
The biggest start in the first half of this year was Delta Airlines' one-point-two billion dollar expansion of Terminal Four at John F. Kennedy International AirportThe value of building starts in the first six months of 2011 was $6.4 billion, down sharply compared with the same period in 2010, when spending on new projects and rehabs was $10.6 billion, according to the New York Building Congress. 

"This was not expected because we had many encouraging signs that the market was turning upward again," Building Congress President Richard Anderson said.

Anderson added expectations were high because the number of building permits issued by the city was up, and many builders had announced plans to break ground on new projects. 

Building starts is a measure of all the dollars approved for new construction projects and rehabs, in a given period of time.

The biggest start in the first half of 2011 was Delta Airlines' $1.2 billion expansion of Terminal Four at John F. Kennedy International Airport.

The next-biggest construction starts were a $200 million MTA bus depot in Harlem, a $195 million garage serving the Department of Sanitation and UPS, the future 63rd street station for the Second Avenue subway ($176 million) and a new neuroscience research center at Columbia University, valued at $175 million.

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