Construction Starts Continued To Lag In October

Long Island Construction Law does not own this content. This content was created by and was published to the Long Island Business News on November 24th, 2020.

The number of New York-area construction starts decreased in October, as the number of starts still pale in comparison with a year ago. There were more than $2.827 billion in construction starts in the New York area in Oct. 2020, 14 percent less than the $3.28 billion in construction starts recorded in Oct. 2019, according to the latest report from Dodge Data & Analytics.

Nonresidential construction took the biggest hit with starts falling by 28 percent in October as compared with a year ago, dropping from $1.384 billion in Oct. 2019 to $1 billion in Oct. 2020.

The residential sector also saw a decline, however slight. There was about $1.82 billion in residential building starts in Oct. 2020, a drop of 4 percent from the $1.89 billion in starts recorded in Oct. 2019.

In the first 10 months of this year, construction starts are down 24 percent from the first 10 months of 2019, falling from $36.46 billion to $27.8 billion.

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Nonresidential construction covers office, retail, hotels, warehouses, manufacturing, schools, healthcare, religious, government, recreational, and other buildings. Nonresidential construction also includes streets and highways, bridges, dams and reservoirs, river and harbor developments, sewage and water supply systems, missile and space facilities, power utilities and communication systems.

Single-family and multifamily housing are considered residential buildings.

The Dodge report covers New York City, northern New Jersey, Hudson, Putnam, Rockland, Nassau, Suffolk, and Westchester counties and parts of Pennsylvania.

John Caravella, Esq

The author, John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration. He also serves as an arbitrator to the American Arbitration Association Construction Industry Panel. Mr. Caravella can be reached by email: John@LIConstructionLaw.com or (516)462-7051

This is a general information article and should not be construed as legal advice or a legal opinion.  Readers are encouraged to seek counsel from a construction lawyer for advice on a particular circumstance.

Long Island Construction Law does not own this content. This content was created by and was published to the Long Island Business News on November 24th, 2020.