BY REW • FEBRUARY 9, 2017 Construction costs in New York City increased by approximately 4 percent in 2016, which is slightly less than the 5 percent rate of cost inflation that was experienced annually throughout the five boroughs from 2013 through 2015. By comparison, U.S. construction costs rose between 3 and 4 percent in 2016 after rising between 2.5 to 3 percent annually from 2013 through 2015. The construction executives interviewed for this report expect that New York City construction costs will continue to accelerate at roughly the current rate of one percent per quarter through 2017. During the height of last decade’s building boom, construction cost increases exceeded 6 percent nationally but were nearly twice as high in New York City, with reports of construction cost increases reaching 12 percent in 2006 and 11 percent in 2007. In 2009, in the aftermath of the Great Recession, costs declined both nationally and in New York City and registered a nominal g
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