CONSTRUCTION OUTLOOK UPDATE

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1 buildingcongress.com MARCH 08 CONSTRUCTION OUTLOOK UPDATE FIVE YEARS, FIVE BOROUGHS A review of 0-07 construction starts data for New York City shows construction activity increasingly diversified throughout the five boroughs.

2 FIVE YEARS, FIVE BOROUGHS The value of construction starts between 0 and 07 totaled more than $50 billion. Bronx In 07, the Bronx surpassed $ billion in new construction starts for the third consecutive year. The residential sector led the way, representing nearly 5% of the value of all construction projects initiated in 07. Over the past five years, 4.% of all New York City residential construction took place in the Bronx. The Bronx is also host to major institutional projects like the renovations of the RFK-Triborough Bridge and the rehab of the Unionport Bridge. Brooklyn In 07, Brooklyn s share of the citywide value of new construction was 7.8%. When measured by new or renovated square footage, Brooklyn s share increased to 6.% of all citywide construction in 07. This was led by the continued growth of Brooklyn s multi-family market. In each of the previous five years, Brooklyn s multi-family market accounted for at least 0% of all new multi-family square footage. Brooklyn was the only borough where residential spending accounted for more than half of all construction spending in each year between 0 and 07. Manhattan In 07, Manhattan accounted for 4% of all citywide construction starts by value, totaling over $5.6 billion. Manhattan also accounts for over 50% of alterations and renovation work. Though 05 was a high-mark year, Manhattan still accounted for.5% of residential square footage built and 0.6% of all new commercial square footage built in 07. Queens In 07, Queens was home to % of the value of new citywide construction, buoyed by more than $0 billion in spending at LaGuardia Airport. Residential construction has continued to perform well, totaling $.6 billion in 07. Though Long Island City continues to spur the growth of Queens residential market, two of the borough s largest residential projects are under construction, or recently completed, in Jamaica and Flushing respectively. Staten Island Staten Island s construction starts totaled over $ billion in three of the past five years. From new warehouses on SI s West Shore, to new, high-end, residential developments on the North Shore, Staten Island is growing rapidly. The borough dominated the city s single-family housing market, accounting for over 50% of new single-family construction, both in terms of size and value. Staten Island was also home to 8% of the new commercial square footage.

3 As New York continues to grow, the boroughs outside of Manhattan are playing an increasingly large role absorbing new residents and jobs. The positive momentum is apparent across the entire city, and last year s growth in major transportation and infrastructure investments will make our city and region stronger. This data shows that now, more than ever, New York is a five-borough city. -Carlo A. Scissura, President & CEO New York Building Congress 5,000 Gross Square Feet of Construction Starts by Borough 0,000 GSF of Starts 5,000 0,000 5,000 0,000 5,000 Bronx Brooklyn Manhattan Queens Staten Island Note: GSF in thousands $5,000,000 Value of Construction Starts by Borough $0,000,000 Value of Starts $5,000,000 $0,000,000 Bronx Brooklyn Manhattan Queens $5,000,000 Staten Island Note: Dollars in thousands

4 Between 0 and 07, construction spending on all building types increased. This was led by a 0% increase in the value of work on institutional projects, like the rebuilding of LaGuardia Airport. Over the same period, spending increased on residential projects by 56%, on commercial buildings by 69%, and on manufacturing projects by %. Single Family Multifamily Public Works Electric Utilities Commercial Buildings Institutional Manufacturing TOTAL VALUE Note: Dollars in thousands Value of NYC Construction Starts by Type $5,46 $6,76,6 $4,680,67 $68,86 $4,6,5 $,457,46 $,987 $6,5 $,8,08 $,805,589 $804,974 $5,7,87 $4,857,45 $4,446 $86,400 $8,76,746 $,65,667 $5,47 $,886,947 $6,79,088 $9,807 $,46 $0,87,47 $,476,450 $97,898 $,908,70 $5,,69 $67,04 $98,064 $0,55,45 $5,006,55 $00,58 $7,86,974 $,98,95 $49,0 $9,86,409 $7,45,845 $4,00,07 $,9,66 $7,78,89 Single Family Multifamily Commercial Institutional Manufacturing TOTAL SIZE GSF of NYC Construction Starts by Type ,48 0,98, 7,59,54 8,897,57 0,8 55,058 9,48 5,8 9,7 7,66 7,755,679 74,6 7,68 6,67 8,85 6 4,659 45,7 80,84 GSF of NYC Construction Starts by Type 50,00 Note: Public Works and Electric Utilities do not contribute to gross square feet of construction starts; GSF in thousands 5,90 00% 0.% 0.% 0.% 0.% 0.% 8.0% 7.8% 6.% 7.% 5.% Pecentage of Starts 75% 50% 5% 6.4% 6.4% 9.7% 69.8% 4.% 68.% 5.4% 54.% 0.9% 5.4% Manufacturing Institutional Commercial Multifamily Single Family.%.6%.4%.6%.%

5 On average, residential construction accounted for nearly 66% of newly built or renovated square footage. Over the past five years, non-residential projects have typically represented roughly a third of all new or renovated square footage, but in 07, that number increased to 46%, led by significant growth in the construction of institutional and commercial projects. Top Construction Starts by Borough The map identifies the top three most expensive construction starts in each of the five boroughs over the last five years (0-07). Bruckner Expressway-Unionport Bridge: $,8,000 (07) Bronx Toll Plaza/Structure Rehab (RFK Bridge): $,40,000 (05) 44 East 6nd Street: $,000,000 (07) BRONX Hudson Blvd: $,000,000,000 (06) 0 Hudson Yards: $,884,57,000 (05) 50 Hudson Yards: $,690,000,000 (07) MANHATTAN QUEENS Delta LGA Redevelopment: $,96,976,000 (07) LGA Central Terminal Replacement: $,400,000,000 (07) Gotham Center LIC: $68,800,000 (06) BROOKLYN STATEN ISLAND Matrix Global Logistics Park Warehouse: $0,60,000 (06) Fresh Kills Landfill Sections /9: $4,68,000 (06) Matrix Global Logistics Park Warehouse: $5,000,000 (07) Gowanus Canal Superfund Site: $500,000,000 (07) CityPoint Phase : $40,000,000 (07) 0 Huron Street: $85,000,000 (05)

6 New York Building Congress 040 Avenue of the Americas, st Floor New York, NY 008 () The data for this report is provided by Dodge Data & Analytics and encompass all project starts, including new ground-up construction, alterations and renovations to existing structures, and public infrastructure. The data reflects the total estimated value of each initiated project throughout the entire period of construction. This report and all other publications issued by the New York Building Congress can be viewed at Cover image: Sunnyside Yards via New York City Economic Development Corporation at