Anyone who lives, visits or works in New York City knows that construction is booming. But looks can be deceiving, even to seasoned New Yorkers. Some statistics provided by the New York City Economic Development Commission tell the more nuanced story.
It turns out that construction is indeed booming when compared to 2013. The number of construction starts has increased by 21 percent, from 5,927 in 2013 to 7,143 in 2014. However, that number is still less than July 2004, before the economic downturn. This year’s number is still 12 percent smaller than the number of construction starts in the five boroughs in 2004 – 8,145.