If you’re in the construction business and you’re looking for a hot spot to zero-in on business, New York is a great place to start, according to a new report by the New York Building Congress.
New York’s construction spending is booming!
That’s right, New York’s construction spending is off the charts.
In fact, money earmarked for construction in the city is expected to reach $31.5 billion this year, the New York Building Congress’ report states.
But here’s the best part: There’s more money to be made while taking on less work.
According to the report, the number of permits issued in recent years is a lot less, and developers are simply spending more to build fewer units, for both formally affordable apartments as well as less costly ones in Queens and Brooklyn.
Residential construction spending in New York will reach a new record high in spending with about 20,000 new units created, a 9% increase from the number of units created in 2013.
In addition, the Building Congress expects the number of construction jobs to reach 122,700 in 2014, which is up slightly from 2013.
Once you’re ready to take advantage of New York’s growth: EHE is the most competitive wholesaler of used heavy construction equipment, meaning we offer “true” wholesale pricing on all of our heavy equipment. Contact us with your equipment needs.