New York City is currently experiencing a boom in construction. We know that this started after the Great Recession, when construction projects started taking priority once again. But why else is this happening?
We’ve broken down the kinds of projects that are fueling New York City construction right now and some that will do so in the near future.
Public transportation in NYC is tricky for many reasons, and residents have been calling for change for a long time. This year, it’s projected that the city will have spent $9.3 billion on infrastructure alone. That number will continue to increase by about a billion dollars each year to come.
The Metropolitan Transit Authority (MTA) is spending billions on signal modernization, accessibility improvements, and new subway cars and buses. Similarly, The Port Authority of New York and New Jersey is investing in improvements to JFK and LaGuardia airports, transportation to those airports, the PATH system, the Midtown bus terminal, the Lincoln Tunnel, and the George Washington Bridge.
The investments in these cities are projected to increase in both 2020 and 2021, so it does not seem like transit construction will be slowing any time soon.
Climate Change Regulations and Compliance
Climate change is a challenge that we’re all facing, all over the world. There is a spotlight on New York City, however, because of the emissions that it is responsible for. Many of the skyscrapers and large buildings in NYC are responsible for these emissions, and people are calling for change.
So, the City Council decided to answer that call this past April. They passed a measure requiring building owners to make changes to the structures to lower emissions and increase carbon efficiency. The buildings will have to cut their emissions 40% by 2030, and by 80% by 2050.
Because many buildings need to be altered to comply with these new regulations, this kind of construction work will be in high demand for the foreseeable future.
With businesses entering neighborhoods outside of the Manhattan hub, we’re seeing changes throughout the five boroughs. These neighborhoods then see a transformation in housing and overall nature.
As these neighborhoods continue to change and expand, construction crews will be called in to make amendments to housing, corporate structures, and infrastructure.
To learn more about the trends in New York City construction, please reach out to our expert consultants at Michael Page. You can also browse our advice page here.