The building boom towns of 2015 were recently announced by Forbes.com, with the Big Apple coming in first. New York, NY saw $46.6 billion in construction starts last year, which is 44% higher than it was in 2014. Other major metro areas like Dallas and Chicago also saw impressive gains in new construction.
According to Forbes, their list of the 20 U.S. metros with the most new construction in 2015 was compiled using data collected from the nation’s largest Metropolitan Statistical Areas (MSAs) and their surrounding suburbs. The data analysts looked for the 20 areas where the most money was spent on new construction in 2015. Their list tallies the dollar value of construction starts for single- and multi-family homes, office, retail, warehouses, healthcare facilities, educational buildings, manufacturing plants and research facilities, among others. Not included in the list was money spent on public works projects such as bridge, street, park, or utility construction.
The MSAs on the list all had impressively large-scale commercial real estate projects in the works. New York City’s construction boom is thanks, in part, to a $2.5 billion building project that’s composed of a 90-story office and retail tower. For the Dallas metro area, which earned the number 2 spot on the list, the largest project was Facebook’s new $570 million data center in Fort Worth, which certainly helped contribute to the area’s $17.8 billion construction starts for 2015.
Here’s a look at how the other top cities fared:
#3 Houston, TX
The Houston-Baytown-SugarLand MSA saw $16.7 billion in construction starts for 2015. This was actually 49% lower than the figure for 2014. The drop is likely due to the oil price crash last year. Since Houston is known as America’s oil capital, it’s not surprising that the area felt the effects. Nevertheless, $16.7 billion is nothing to sneeze at, and earned Houston the number 3 spot.
#4 Los Angeles, CA
The largest construction project in L.A. was the $561 million expansion and renovation of Westfield Century City Mall, which clearly helped contribute to the MSA’s $11.7 billion construction starts for 2015. Although small, this represents a year-over-year increase from $11.2 billion in 2014.
#5 Chicago, IL
The Chicago-Naperville-Joliet, IL-IN-WI MSA had an impressive $11.5 billion in new construction starts last year. This is 4% higher than the MSA’s construction starts in 2014. The largest project in the Chicago area was a $500 million, 54-story office tower at 150 North Riverside.
#6 Washington, D.C.
Construction starts in our nation’s capital hit $11.3 billion in 2015. This is 7% lower than the figure for 2014. The largest project in 2015 was a new, $345 million Museum of the Bible, funded by Hobby Lobby.
#7 Miami, FL
Construction starts for 2015 reached $10.3 billion in Miami, which is 3% higher than 2014’s starts. The largest project was a $478 million expansion and renovation of the Miami Beach Convention Center.
Rounding out the top 20 were Boston, MA with $9.4 billion in new construction starts; Atlanta, GA, also with $9.4 billion; Seattle, WA with $9.1 billion; Lake Charles, LA with $8.4 billion; Phoenix, AZ with $8.1 billion; Orlando, FL with $6.9 billion; San Francisco, CA with $6.7 billion; Denver, CO with $6.5 billion; Austin, TX with $6.4 billion; Nashville, TX with $5.4 billion; Tampa, FL with $5.3 billion; Twin Cities, MN with $5.1 billion; San Antonio, TX with $4.7 billion;
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