Top 20 Cities Riding Construction Wave
New York City and two cities in Texas top a new list of 20 metropolitan areas that have spent the most money on new construction projects this year.
The list looked at the dollar amount spent from January through May on projects where ground has been broken and work commenced for structures considered under the “Total Building” umbrella, according to a report by Forbes, citing data compiled by McGraw Hill Construction.
“Total building” includes single-family home construction, multifamily home construction, retail space, office space, healthcare facilities, warehouse projects, educational buildings, manufacturing plants and research facilities, according to the report.
Funds spent on bridges, streets, parks and other public works, as well as electric utility construction, were not included.
The full rankings are listed here.
New York Ranks No. 1
New York-Northern New Jersey-Long Island was the area with the most new construction activity, according to the report.
|Craigboy / Wikimedia Commons|
The New York metropolitan area spent $8.5 billion on new projects from January to May 2013.
The area has spent $8.5 billion on new construction from January to May—up 16 percent from the same period a year ago, the report said.
In 2012, $20.5 billion was spent on projects in the “total building” umbrella, the report added.
Phase 1 of the Prudential Financial Office Tower in Newark, NJ, was noted as the largest project started to date.
Construction Booms in Texas
The Dallas-Fort Worth-Arlington area in Texas has spent $5.2 billion on new projects this year, the report said.
That’s a 21 percent jump from the same period a year ago. Total money spent on construction starts in 2012 was $11.1 billion.
An addition at T5@ Dallas Data Center in Plano, TX, was identified as the largest 2013 project started to date.
Money spent on construction project in the Houston-Baytown-Sugar Land metropolitan area has climbed eight percent from the same period a year ago, to reach $4.8 billion, the report said.
Houston's largest project so far in 2013 far is the M.D. Anderson Pavilion, Forbes reported. The project has a two-year construction timeline, according to the University of Texas.
The University of Texas M.D. Anderson Pavilion in Houston was noted as the largest project started to date.
Austin, TX, came in at number 15 in the rankings with $1.8 billion spent so far this year, accounting for a 33 percent increase from the same period a year before.
Philly Rounds out Rankings
Rounding out the list of 20 was the Philadelphia, PA, area which came in at number 20.
For the first five months of 2013 the metropolitan statistical area has spent $1.5 billion on new construction, a decrease of 20 percent from the same period a year before.
Total money spent on construction starts in 2012 was $4.5 billion, the report said.
Other metropolitan areas that made the cut included Washington, DC; Atlanta; Los Angeles; Nashville, TN; and Miami.