The New York metro area leads the nation in commercial and multifamily construction starts, according to a new report.
For the six-month period ending June 30, New York reported $17.3 billion of commercial and multifamily projects, according to Dodge Data & Analytics. That was a 72% increase from a year earlier.
Miami was the second-busiest market, with total starts rising 38% to $3 billion. Washington was third-busiest, as total starts fell 15% to $2.4 billion. Boston was the fourth, with total starts increasing 21% to $2.2 billion; and Seattle was fifth, as total starts rose 49% to $2.1 billion.
Nationwide, total commercial and multifamily construction starts rose 13% to $73.2 billion.
"Commercial and multifamily development continues to be a prime focus of the investment community in its search for yield," Robert Murray, Dodge's chief economist, said in a news release.
Commercial and multifamily projects include stores, warehouses, office buildings, hotels, garages and service stations, and multifamily housing.
Two large commercial building projects in New York hit the groundbreaking stage during the first half of the year: the $1.2 billion 30 Hudson Yards office and retail tower; and the $400 million 55 Hudson Yards office tower.
