NYC-area buildings market declines by about 25% in 2020 – Dodge

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The New York City metropolitan area’s building construction declined by close to 25 percent in 2020 as the COVID-19 pandemic disrupted the economy, Dodge Data & Analytics has reported.

On an annual basis residential and non-residential projects declined to $33,304,541,000 from $44,074,431,000.

The data covers the metropolitan statistical area of New York-Northern New Jersey-Long Island, consisting of Bergen, Bronx, Essex, Hudson, Hunterdon, Kings, Middlesex, Monmouth, Morris, Nassau, New York, Ocean, Passaic, Pike, Putnam, Queens, Richmond, Rockland, Somerset, Suffolk, Sussex, Union and Westchester in New Jersey, New York and Pennsylvania.

Residential construction dropped by 25 percent to $15,858,572,000 from $21,181,208,000 while non-residential construction declined by 24 per cent to $17,445,969,000 from $22,893,223,000

The latest month’s construction activity declined 38 percent from December 2019, dropping to $1,979,625,000 from $3,188,629,000.

Non-residential construction experienced the greatest losses, at 43 percent, declining to $1,037,539,000 from $1,821,130,000.  Residential construction, comparing December 2020 to December 2019 declined 31 percent, to $942,086,000 from $1,367,499,000.

Nonresidential buildings include office, retail, hotels, warehouses, manufacturing, educational, healthcare, religious, government, recreational, and other buildings. Residential buildings include single family and multifamily housing.

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