new york building congress

real estate trends

15 Hudson Yards, Diller Scofidio + Renfro, Hudson Yards construction

An estimate by the New York Building Congress has construction spending in 2016 at more than $43.1 billion, beating the $41.6 billion high of 2007 and reflecting a 26 percent increase from last year’s $34.4 billion, the Wall Street Journal reports. The surge in construction, led by mega-project Hudson Yards on Manhattan’s West Side and public projects like the Second Avenue Subway, has led to rising construction costs and an attendant surge in the demand for skilled labor, bringing workers to the city from all over the U.S.

Find out more about what’s driving the new boom