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Written by - Anthony Isidro
New York’s Construction Boom and Hudson Yards
New York City has entered it’s biggest construction boom it has seen in generations. The city has come a long way from 2008 where the industry had taken a severe downward turn. In June, the city census reported that the city had issued 17,8054 permits. More than half went to Brooklyn projects with most of the rest being split between Manhattan and Queens. Even with most development permits going to the borough of Brooklyn, Manhattan maintains the top spot for the most expensive projects. This is largely due to Manhattan’s Hudson Yards project. Hudson Yards is Manhattan’s current large-scale redevelopment plan. It is making history as the largest private real estate development in history. This is also the largest development the city has seen since Rockefeller Center clocking in at over 1 million square feet of retail and mixed-use space. Hudson Yards 500 West 33rd Street is the city’s largest and most expensive project. Being built by Tishman Construction the mixed-use building is valued at $ 576.68 Million. New York City’s skyline continues to grow and develop which will guarantee the city’s boom to continue for the years to come.
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Written by - Amanda Naranjo
New York City is the most expensive city to build in
New York City maintains the top spot for 2 years in a row as the most expensive city to build in around the world according to Turner and Townsend’s annual report, the 2018 International Construction Market Survey. On average it cost $362 per square foot to build in New York City. As far as labor goes the city’s average that a construction employee will make an hour is $98.30. Wages for construction employees are starting to rise to meet the demands of a busy market. Contractors have seen a 10% increase in their hourly wage to $29.63 per hour as well. New York City large-scale projects such as Hudson Yards, Pacific Park and Essex Crossing has brought in over 30,000 jobs into the city. There is a high demand for skilled employees. Many companies are willing to pay generous salaries as well as offer great benefits to attract top talent to their companies. Senior level roles with these companies can see salaries reaching 200K. With many of the projects in development, now is the time to enter a thriving industry.
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