The top 30 metropolitan areas for construction starts last year saw more than half of all construction dollars.
With $40.8 billion worth of construction starts tallied last year, the New York City metropolitan area, which includes the five boroughs and the surrounding suburbs, once again had the most new construction spending of any metro area. Hudson Yards, the massive real estate development thatThe largest project started in New York in 2018 was an office tower known asthat’s expected to cost $1.77 billion to build.
That sense of transition was a theme across the country in 2018. Construction began on $606.3 billion worth of U.S. real estate, a 2% increase from the year prior. Although modest, the increase was stronger than expected. Better-than-hoped employment growth in particular—with 2.6 million jobs added nationally—led to rent growth and low vacancy rates, supporting a final gasp of a seven-year construction expansion that is unlikely to survive 2019.
In other words, big institutional projects tend to signal an expansion is nearing its end. And over the last two years, many of the largest projects in the country have been institutional.
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