Construction has suffered severely across the United States due to the economic downturn. New York has been affected particularly badly, with more than 700 different construction projects idled across the city’s five boroughs.
However, the situation has improved immeasurably in the first half of 2013, with $8.5 billion worth of new construction projects coming on stream. These include Brooklyn’s Atlantic Yards B2 Residential Tower, which has a projected cost of $225 million, and the Atelier II in Manhattan which will cost around $295 million.
Interestingly, reconstruction in the wake of Hurricane Sandy has not come into the equation, due to the fact that building efforts related to natural disasters are handled by complicated government aid organizations and legislation. Read More