More people in the New Jersey and New York area are investing in construction projects based on March 2019 construction start figures. These stats are specific to New York-area construction, which typically extends to parts of the Garden State. This positive news comes after three straight months of declines. The nearly $4 billion in construction starts for March 2019 is a 40% increase from what was reported in March of 2018.
The biggest winner with construction starts, according to a report by a data and analytics firm, was non-residential construction. Compared to the prior month referred to in the report, this type of construction increased by more than $2 billion. This is roughly a 70% spike from what happened with non-residential construction a year before during the same period. Residential starts are also on the rise.
In the New York area, there was about $1.5 billion worth of residential construction for the reporting period covered in the report. This is a nearly 10% boost in figures reported a year earlier. However, total construction starts are down for the first three months of 2019 when compared to the year before. In addition to New York, the report covers Northern New Jersey and parts of Pennsylvania. Offices, hotels, retail space, municipal projects like brides and dams, and recreational facilities are among the structures considered non-residential. Residential construction includes single-family and multi-family housing.
Stats like this may be used by a New Jersey or New York construction law firm to help clients determine how to negotiate contracts with customers looking to build in this region. A lawyer may also use knowledge of construction activity to determine if claims about accessibility and other details that might be referenced in project-related documents are accurate based on where work is expected to be done.
