Confirming what many New Yorkers are seeing and (unfortunately) hearing these days, New York City is now in its sixth straight year of a building boom, according to a report released Thursday from the New York Building Congress.
In its annual construction outlook, the trade group projected $61.5 billion in construction spending in 2019, an increase of 10 percent compared to last year.
Adjusting for inflation, that’s the highest level of investment in building since 1995.
Of the total spending, $21.2 billion went to erecting office, institutional, entertainment and hotel space, while $19.7 billion was spent on residential buildings. Nearly 90,000 new housing units are expected to be built between 2019 and 2021, which comes out to an average of 30,000 units a year.
“This period is a huge boom. It’s reshaping the landscape of the five boroughs,” Building Congress President Carlo Scissura told the Daily News.
The report further predicts that the construction spending will continue to grow until 2020, when it is estimated to reach $65.9 billion, before dropping to $62.1 billion in 2021.
For residents, the growth has ushered in an ever-changing skyline with record-breaking heights and a huge spike in noise complaints.
According to a 2017 New York State comptroller report, 311 construction noise complaints rose o 37,806 in 2015 from 14,259 in 2010, or more than 165 percent. Most of the complaints were due to after-hours construction work.
According to a New York Times story this summer, almost 40 percent of listings for sale or rent in the city are less than one or two city blocks away from new residential construction. “The data puts in stark relief that if you’re moving in the coming months, your odds are fairly high that a construction site will be within about a block,” Nir Gonen, a data scientist with Localize.city, a home search website which provided the statistics, told the Times.
There is some possible relief. Last month, Council member Carlina Rivera, who represents portions of Lower Manhattan, introduced a bill to rein in after-hours construction, citing damage from long-term exposure to noise such as hearing impairment and even cardiovascular disease.
Not surprisingly, the Building Congress said it plans to fight the proposed rules.
Correction: We have updated our headline to note this is the biggest building boom in a "quarter-century," and not a century as previously stated. We regret the error.