Long Island Construction Law does not own this content. This content was created by David Winzelberg, and was published to the Long Island Business News on December, 23rd.
The amount of New York-area construction starts rose in November from the previous month though the value of starts remains behind last year. There were more than $3.455 billion in construction starts in the New York area in Nov. 2020, about 21 percent less than the $4.386 billion in construction starts recorded in Nov. 2019, according to the latest report from Dodge Data & Analytics.
Residential construction took the biggest hit with starts falling by 46 percent in November as compared with a year ago, dropping from $2.198 billion in Nov. 2019 to $1.193 billion in Nov. 2020.
The nonresidential sector bucked the trend with a slight year-over-year increase. There was about $2.26 billion in nonresidential building starts in Nov. 2020, a rise of 3 percent from the $2.187 billion in starts recorded in Nov. 2019.
In the first 11 months of this year, construction starts are down 23 percent from the first 11 months of 2019, falling from $40.85 billion last year to $31.274 billion this year.
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., 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 across New York and Florida. 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 (631) 608-1346.
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Long Island Construction Law does not own this content. This content was created by David Winzelberg, and was published to the Long Island Business News on December, 23rd.
