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December 20, 2014

6 Metros With the Most New Construction

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6 Metros With the Most New Construction

Construction slowed dramatically in recent years but has been showing signs of picking up in pockets across the country. 

“There were a substantial number of projects deferred in 2008 and 2009 but those cases are much less so today, looking at 2010, 2011, and now in 2012,” says Robert Murray, vice president of economic affairs at McGraw Hill Construction, a construction data firm.

While construction has been increasing in recent months, it’s still far from its 2006 peak: New construction projects totaled $421.4 billion last year, which is 40 percent below the $689.3 billion reached in 2006.  

McGraw-Hill Construction is projecting a 7 percent increase nationwide in new construction this year. 

Forbes, in analyzing McGraw-Hill data, recently combed through building data to find the areas that spent the most money on new construction last year. The building amounts analyzed included single-family homes, multi-family homes, office space, retail space, warehouses, health care facilities, educational buildings, manufacturing plants, and research facilities. 

The following are the cities with the most new construction, according to the Forbes and McGraw-Hill analysis: 

1. New York City, N.Y. (New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa.)

Construction starts in 2011: $17.2 billion

2. Dallas (Dallas-Fort Worth-Arlington, Texas)

Construction starts in 2011: $9.5 billion

3. Houston (Houston-Baytown-Sugar Land, Texas)

Construction starts in 2011: $8.8 billion

4. Washington, D.C. (Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.)

Construction starts in 2011: $8.1 billion

5. Chicago (Chicago-Naperville-Joliet, Ill.-Ind.-Wisc.)

Construction starts in 2011: $6 billion

6. Boston (Boston-Cambridge-Quincy, Mass.-N.H.)

Construction starts in 2011: $5.9 billion

View a slideshow at Forbes.com of the complete list of metro areas seeing a pickup in new construction.

Source: “American Cities With the Most Construction Underway,” Forbes (March 2012)