The New York Building Congress recently released a report titled “2018-2020 New York City Construction Outlook,” in which the organization states that construction projects in the city set a record high this year. The report projects that the city’s spending on construction for 2018 will reach $61.8 billion, as compared to $49.3 billion in 2017.
If you receive injuries on a construction site or because of a construction project, you deserve fair compensation for pain and suffering, property damage, and other losses. Contact our seasoned New York City construction accident attorneys at Rosenberg, Minc, Falkoff, & Wolff, LLP. We can help you navigate workers’ compensation or personal injury lawsuits and recovering damages in an accident’s aftermath.
2018 New York City Construction Statistics
New York City has been in a building boom for the past five years. The city is experiencing steady growth in the development of residential properties and higher investments in public capital. Spending on construction projects this year reached an all-time high.
The New York Building Congress estimates that construction spending will total over $177 billion during the next three years. In addition, construction jobs will increase. The report estimates that the New York City construction force will reach 158,000 employees by the end of this year.
These construction projects will add 73.7 million gross feet of floorspace to the city, the largest number since 1995. This is a 24% increase from 2017, which saw a growth of 59.3 million square feet of floorspace.
Why So Many Projects?
This year’s record construction spending of $61.8 billion is due to the rise in nonresidential construction in New York City, according to the report. All five boroughs have seen a rise in nonresidential construction, which includes:
- Office space
- Government buildings
- Institutional buildings, such as college and university additions
- Sports arenas
- Entertainment venues
The New York Building Congress expects nonresidential construction spending in New York City to reach $39 billion by the end of this year. In contrast, the report expects residential construction spending to reach $14 billion by the end of this year. Nonresidential construction spending will likely decrease to $30.4 billion in 2019 and $23.4 billion in 2020.
Public works and infrastructure construction also contribute to the $61.8 billion figure in project spending in 2018. Major projects include:
- Repairs to and construction of city of New York roads, bridges, and water mains.
- Public schools, resiliency efforts, public transportation, parks, and public low-income housing projects.
- The replacement of Rikers Island with new prisons.
- Metropolitan Transportation Authority infrastructure and expansion, including repairs and the modernization of the New York City subway system.
- The Port Authority of New York and New Jersey’s investment in capital projects, including improvements to the JFK and LaGuardia airports, Lincoln Tunnel, and the Midtown bus terminal.
- Public works investments by both state and federal bodies, including the New York Department of Transportation and the U.S. Army Corps of Engineers.
Hazards of Increased Construction Projects
Construction projects bring hazards to the city where they take place. With the increase in construction sites in New York City, projects pose a risk to employees and passerby alike. Malfunctions involving heavy machinery, falling debris harming a passing pedestrian, or a worker falling off scaffolding are just a few examples.
Whether accidental, a premises liability issue or an unsafe workplace, victims of construction site accidents deserve the recovery of damages to make up for their losses. Medical expenses, missed wages, and pain and suffering compensation are all recoverable damages that an experienced personal injury attorney can help you obtain.
Contact Rosenberg, Minc, Falkoff, & Wolff, LLP today to schedule a free, confidential consultation. Our lawyers can travel to your home or hospital room if you are unable to visit our New York City offices.