Construction is the biggest source of income for the entire city, but construction projects have become a big part of the economy as well.
It makes up 14 percent of NYC’s GDP and employs some 2.2 million people.
And the most profitable part of this business is how much they pay out in profit, according to a report by real estate analytics firm RealEgg.
“They have a way of making a living off the construction of buildings and the people who build those buildings,” says Eric Leibman, co-founder and managing partner at RealEck.
“You have these projects that are getting built that are actually getting a lot of attention and lots of money in the pipeline.
But it’s all driven by the need for labor.
There’s a huge amount of interest in the job market right now.
And so we’ve seen a lot more construction in the last two years.
But we also have the infrastructure for more construction going on.”
The report also found that in New York City, only 7 percent of construction workers earn more than $50,000 per year.
“That’s the low end of the spectrum, but it’s still very high,” Leibmann says.
“It’s definitely a very important part of our economy, but you can also look at the top-performing cities in the country.”
Some of the most notable projects in the top five are the massive renovation of the Brooklyn Bridge, a $5 billion project that was completed in 2019.
That construction took nearly 40 years and cost $1.5 trillion, including $1 trillion to rebuild the span.
The bridge was closed in 2024 after more than 50 years of service.
“When you look at what’s happening in Brooklyn right now, it’s a project that has not only been a monumental accomplishment for New York, but also a historic achievement for the United States,” said Daniel Reis, a senior economist at real estate consultancy Trulia.
“The bridge opened in 2019 and the city and the boroughs have been incredibly supportive of it.
It was an incredibly historic project that opened up this enormous amount of economic activity and the Brooklyn community and the country has been really excited about it.”
The next biggest construction project in the city is a $2.6 billion bridge reconstruction and extension project in Queens.
The span was closed after nearly 50 years service and is being renovated for the 21st century.
“This is going to be the first phase of a $1 billion bridge replacement project in New Jersey, and it’s going to create a new bridge to connect Staten Island to Manhattan, which will have an impact on a whole bunch of New Jersey residents,” said Chris Parnell, president and CEO of the Port Authority of New York and New Jersey.
“So the bridge will reopen, and we’ll start construction on another bridge to Staten Island in 2021.”
Construction on the new bridge was completed last year and was funded by New York State and the Port of New Orleans.
Construction of the project will include two bridges, two tunnels, a bridge over the Hudson River and a new elevated pedestrian bridge.
The projects will take about a year to complete.
The next most profitable project in Manhattan is the $2 billion expansion of a park at the corner of Fifth Avenue and 44th Street.
Construction began last year, and the park is expected to open in 2021.
The project will be located on the site of the former Westside Community College and has the goal of creating a new, open space for the city.
Construction is expected the project could take up to 15 years to complete, and is estimated to cost $2 million per acre.
“In terms of profitability, we would say that’s the No. 1 project,” LeBancher said.
“And then you have the projects that we’ll be talking about in this section of the report that have the biggest economic impacts on the city, such as the massive $6.5 billion expansion project at the foot of the Empire State Building.”
In the bottom five are some of the smallest construction projects in New New York.
The $1 million project to renovate the Staten Island Ferry terminal is expected in 2021, but is expected only to create some 800 permanent jobs.
The largest project in Brooklyn is the demolition of the historic Fort Greene Station building, which was the largest station building in the world in 1884.
The building is being demolished to make way for a new high-speed train line, which has been in the works for more than 20 years.
The new train line will include a terminal that will house a $3.5 million museum, a new train station, a public park and more than a dozen apartments.
“There’s no doubt that the Fort Greene station has an enormous economic impact on the whole city of New New Brooklyn,” said Andrew McLean, president of the New York Historical Society.
“Its importance is the number of people who have walked past the station on the subway, who have looked at the