I'm surprised by this. Thought construction in Manhattan would slow for sure with empty office buildings and people wfh and not coming in...
https://www.amny.com/real-estate/new...ending-upward/
A new report found that despite a decrease in new projects due to the pandemic, construction activity in Manhattan is still seeing an upward trend.
The report, released by the New York Building Congress, takes a look at Manhattan’s construction spending and activity from 2018 to 2021, highlighting the economic impact that the building industry has had on New York City’s pandemic recovery. Manhattan’s construction starts are valued at $7 billion, a $1 billion increase since 2020. Current projects in the pre-design, design and bidding phases are valued at $29.5 billion.
According to the report’s findings, from 2018 through the third quarter 2021, construction spending in Manhattan was valued at $27.5 billion across 12,300 residential, commercial and infrastructure projects.
In 2020, construction starts began to double in June following an 11-week pause on non-essential activity. Despite the increase, the Building Congress showed a downward trend in construction in Manhattan during the first seven months of 2020, dropping to $3.75 billion, which is 37% fewer projects than the same time period the year before.
Manhattan’s highest values were in non-residential commercial and institutional construction, making up 65% of the borough’s total project value. Non-residential project spending was valued at $17.8 billion through September 2021.
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