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 March 26th, 2021.
The amount of New York-area construction starts fell sharply in February as compared to a year ago, with a huge drop in nonresidential starts. There were more than $2.34 billion in construction starts in the New York area in Feb. 2021, a whopping 62 percent less than the $6.19 billion in construction starts recorded in Feb. 2020, according to the latest report from Dodge Data & Analytics.
Nonresidential construction dropped by 82 percent in February as compared with a year ago, dropping from $4.37 billion in Feb. 2020 to just $792.9 million in Feb. 2021.
Construction starts in the residential sector were also down. There was about $1.55 billion in residential building starts in Feb. 2021, a decrease of 15 percent from the $1.82 billion in starts recorded in Feb. 2020.
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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David Winzelberg covers real estate, development, land use, retailing, franchising and white-collar crime for Long Island Business News.
An award-winning journalist who spent 20 years writing about Long Island for The New York Times, David’s work has also appeared in The Atlantic magazine, Forbes.com and has been featured on CNBC’s “American Greed.” A former adjunct professor of journalism and former editor of a weekly community newspaper, David is a frequent panelist and moderator at area business events.
He can reached via email at email@example.com or at (631) 913-4247.
Follow him on Twitter @DavidWinzelberg.