Pandemic takes 24% toll on metropolitan NYC building construction market: Dodge

0
259
Dodge data logo

The COVID-19 pandemic has caused a painful and sharp decline in the New York City metropolitan area’s building construction activity, according to Dodge Data & Analytics.

In a Nov. 24 statement, Dodge reported that year-to-date building construction activity has declined 24$ from $36,460,105,000 year-to-date in 2019 to $2,827,152,000 this year.

The data covers construction starts in 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.

In the most recent month, there is a significant disparity between the decline from the same month in 2019 to this year in residential and non-residential building construction.

Overall building construction for October 2020 compared to October 2019 declined 14%, to $2,827,152,000 from $3,281,804,000, but residential projects only declined 4% to $1,897,096,000 from $1,823,948,000.  However, non-residential construction in October recorded a sharp 28% decline, to $1,003,204,000 from $1,384,708,000.

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.