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
| Feb 17, 2013
Suffolk University’s $62 million academic building gets the go-ahead
The Boston Redevelopment Authority board yesterday unanimously approved Suffolk University’s plans to move forward with a new campus building at 20 Somerset St. that will feature general-use and science classrooms, a light-filled cafeteria/function space, and indoor and outdoor lounging areas.
| Feb 14, 2013
5 radical trends in outpatient facility design
Building Design+Construction combed the healthcare design and construction sector to evaluate the latest developments in outpatient facility designs. Here are five trends to watch.
| Feb 14, 2013
Boxman Studios launches shipping container buildings division
Boxman Studios has launched a new division aimed at sustainable solutions for the Built Environment. The Boxman Studios Buildings Division will focus on the adaptive use of decommissioned shipping containers as architectural elements and even complete buildings.
Smart Buildings | Feb 14, 2013
Minneapolis joins energy benchmarking trend for commercial buildings
Minneapolis is the latest major metro to require large commercial buildings to benchmark and disclose their energy and water use.
| Feb 14, 2013
Peter Rutti named Director of Design of Westlake Reed Leskosky’s Phoenix studio
Peter W. Rutti, AIA, Associate Principal and Project Director of Westlake Reed Leskosky, has been appointed Director of Design of the Phoenix, Arizona studio of the nationally recognized architects, engineers, and technology designers. The announcement recognizes the design excellence, leadership, and continued growth of the national and international practice of the integrated design firm in the western region.
| Feb 14, 2013
Peter Bardwell named 2013 president of the American College of Healthcare Architects
The Board of Regents of the American College of Healthcare Architects (ACHA) has named Peter L. Bardwell, FAIA, FACHA of Columbus, Ohio as 2013 national President.
| Feb 13, 2013
Department store concept by OMA's Koolhaas, Alsaka draws inspiration from open-air Arab marketplaces
The Exhibition Hall, a retail concept planned in Kuwait City's 360° Mall, will meld cultural and commerce spaces in a series of galleries reminiscent of the long passages of the souq—traditional, open-air marketplaces found in Arab cities.
| Feb 13, 2013
China plans new car-free city
A new urban development near Chengdu, China, will provide new housing for ~80,000 people, surrounded by green space.
| Feb 13, 2013
Advanced urbanism is focus of new MIT research center
MIT Center for Advanced Urbanism will seek 21st Century planning solutions, starting with infrastructure design issues.
