A study released by the New York Building Congress shows that construction costs in Manhattan have risen 5% in each of the last two years, GlobeSt.com reports.
This number is higher than the average construction cost hikes nationwide, which were 2.5% in 2013 and 3% in 2014.
Hospital construction is the most expensive, at $800-$950 per sf. Five-star hotels follow at $700-$800 per sf, and university buildings at $600-$850 per sf.
City construction company representatives are concerned that costs could continue to rise despite the recent plunge in oil prices, because essential trades such as curtain wall and cast-in-place concrete have been reported to be running out of capacity.
President of the New York Building Congress Richard T. Anderson says that the annual 5% increase rate should be a cause for concern to the city, even though a considerable portion of the recent increase in costs is the product of forces beyond the city's control. He called for the industry and government to look for ways to reduce the cost of construction and eliminate regulations and red tape, according to GlobeSt.com.
Related Stories
| Apr 1, 2014
Planned global commerce center breaks ground near Phoenix
When completed, PhoenixMart will be one of the largest single-level trade centers in the U.S.
| Apr 1, 2014
Paints, coatings and sealants: Choosing products and procedures for best performance
This course covers life cycle assessment, color selection, emissions, durability, resilience, corrosion resistance, specification standards, and other critical aspects of choosing coatings for interior and exterior walls, ceilings, and roofs.
| Mar 31, 2014
Extreme conversion: Soaring Canadian church transformed into contemporary library
Even before the St. Denys-du-Plateau Church was converted into a library, it was an unusual building, with a towering nave designed to mimic a huge tent inflated by the wind.
| Mar 31, 2014
Tips for creating a competitive bid using codes and loads
Landing a project feels like winning a prize, sort of like finding that forgotten $20 bill in the pocket of a pair of jeans you haven’t worn in a while. But living on the “chance” of winning a job isn’t a great way to pay your electric bill. So, how do you swing the chances in your favor?
Sponsored | | Mar 30, 2014
Ontario Leisure Centre stays ahead of the curve with channel glass
The new Bradford West Gwillimbury Leisure Centre features a 1,400-sf serpentine channel glass wall that delivers dramatic visual appeal for its residents.
| Mar 28, 2014
Crazy commuting: British artist wants to construct 300-foot water slide on city street
Bristol-based artist Luke Jerram hopes that the temporary installation, once funded, will encourage the public to think about "how we want to use the city, and what sort of future we want to see.”
| Mar 27, 2014
Develop strategic thinkers throughout your firm
In study after study, strategic thinkers are found to be among the most highly effective leaders. But is there a way to encourage routine strategic thinking throughout an organization?
| Mar 27, 2014
16 kitchen and bath design trends for 2014
Work on multifamily housing projects? Here are the top kitchen and bath design trends, according to a survey of more than 420 kitchen and bath designers.
| Mar 26, 2014
A sales and service showcase
High Plains Equipment, a Case IH dealership in Devils Lake, N.D., constructs a larger facility to better serve its customers.
| Mar 26, 2014
Free transit for everyone! Then again, maybe not
An interesting experiment is taking place in Tallinn, the capital of Estonia, where, for the last year or so, its 430,000 residents have been able to ride the city’s transit lines practically for free. City officials hope to pump up ridership by 20%, cut carbon emissions, and give low-income Tallinnites greater access to job opportunities. But is it working?
