Renewed lease: Growth is expected to accelerate due to the improving economy and jumping home prices

Over the five years to 2017, the Apartment and Condominium Construction industry in New York is expected to grow amid a generally improving economy and a red-hot real estate market in the New York City area, where multifamily units are ubiquitous. Underpinning revenue growth during the current period are marked improvements in the residential market in New York, declining unemployment, rising median household incomes and, ironically, political gridlock. Moving forward, industry operators will need to remain careful not to overbuild lest market saturation drives down new unit prices, and thus profit margins, which remain modest. Overall, however, industry revenue growth is expected to accelerate over the five years to 2022...purchase to read more.

Industry Statistics & Market Size
Revenue
$4bn
Annual Growth 12-17
3.5%
Forecast Growth 17-22
x.x%lock
Profit
x.x%lock
Employment
2,888
Businesses
312
Market Share of Companies

Industry Threats & Opportunities

  • Though the residential market has continued to grow and home prices have jumped, there remains significant slack in demand
  • The industry has found surer footing due to positive developments in downstream markets
  • Upstate metro areas will continue to struggle with structural declines

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    Industry Report - Industry Products Chapter

    The Apartment and Condominium Construction industry comprises contractors that are primarily responsible for the complete construction (i.e. new work, additions, alterations, maintenance and repairs) of multifamily homes.General contractingIndustry participants that operate as “prime” general contractors or design-builders on the construction of buildings on land owned by others make up 70.8% of industry revenue in New York, according to data from the US Census Bureau. Typically, construction companies obtain contracts through tendering or quoting a price accepted by the property developer. Con...purchase to read more.

    Additional Insights for the Apartment & Condominium Construction in New York Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Apartment & Condominium Construction in New York Industry are

  • Effective product promotion
  • Having a high prior success rate (including completed prior contracts)
  • Access to multiskilled and flexible workforce

    • IBISWorld analysts also discuss how external factors such as Housing Starts in New York and Home Price Index in New York in the Apartment & Condominium Construction in New York industry impact industry performance..

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    What's in this report

    Industry Products

    What is the Apartment & Condominium Construction in New York Industry?

    This industry is composed of general contractors responsible for constructing new multifamily residential units, including high-rise apartments, townhouses, condominiums and medium- to high-density units (i.e. units not separated by a ground-to-roof wall). All of the complexes may be constructed for sale as condominiums or cooperatives, or used as rental apartments. This industry does not include speculative builders or contractors who build on their own account for sale.

    Industry Products
  • General contracting
  • Construction management, at risk
  • Construction management, agency or fee only
  • Specialty trade contracting
  • Other services
    • Industry Activities
  • Constructing multifamily residential housing units
  • Constructing apartment complexes (high-rise and low-rise buildings)
  • Constructing condominiums (attached and detached units)
  • Constructing townhouses and duplexes
  • Constructing multiunit special-needs complexes (e.g. low-income, senior care and campus housing)
  • Construction management of multifamily building projects (home builders and general contractors)

    • Related Reports

    Similar Industries
  • Construction
  • Land Development
  • Home Builders
  • Apartment Rental
  • Architects
  • Engineering Services
  • Residential Building Construction in California
  • Home Builders in Illinois
  • Apartment & Condominium Construction in Illinois
  • Remodeling in Illinois
  • Home Builders in Texas
  • Home Builders in Florida
  • Apartment & Condominium Construction in Florida
  • Remodeling in Florida
  • Home Builders in Massachusetts
  • Apartment & Condominium Construction in Massachusetts
  • Remodeling in Massachusetts
  • Home Builders in Ohio
  • Remodeling in Ohio
  • Apartment & Condominium Construction in Ohio
  • Home Builders in Pennsylvania
  • Apartment & Condominium Construction in Pennsylvania
  • Remodeling in Pennsylvania
  • Home Builders in New Jersey
  • Apartment & Condominium Construction in New Jersey
  • Remodeling in New Jersey
  • Home Builders in Georgia
  • Apartment & Condominium Construction in Georgia
  • Remodeling in Georgia
  • Home Builders in Michigan
  • Apartment & Condominium Construction in Michigan
  • Remodeling in Michigan
  • Home Builders in Wisconsin
  • Apartment & Condominium Construction in Wisconsin
  • Remodeling in Wisconsin
  • Home Builders in Washington
  • Apartment & Condominium Construction in Washington
  • Remodeling in Washington
  • Home Builders in Virginia
  • Apartment & Condominium Construction in Virginia
  • Remodeling in Virginia
  • Home Builders in Tennessee
  • Apartment & Condominium Construction in Tennessee
  • Remodeling in Tennessee
  • Home Builders in Missouri
  • Apartment & Condominium Construction in Missouri
  • Remodeling in Missouri
  • Home Builders in North Carolina
  • Apartment & Condominium Construction in North Carolina
  • Remodeling in North Carolina
  • Home Builders in Minnesota
  • Apartment & Condominium Construction in Minnesota
  • Remodeling in Minnesota
  • Home Builders in Maryland
  • Apartment & Condominium Construction in Maryland
  • Remodeling in Maryland
  • Home Builders in Colorado
  • Apartment & Condominium Construction in Colorado
  • Remodeling in Colorado
    • Table of Contents

    About this Industry

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources

    Industry at a Glance

    Industry Statistics Snapshot
    Industry Structure
    Executive Summary

    Industry Performance

    Executive Summary
    Key External Drivers
  • Housing Starts in New York
  • Home Price Index in New York
  • Homeownership rate in New York
  • Rental Vacancy Rate in New York

    • Current Performance
  • Crossing the divide
  • Industry structure
  • Chart: Revenue Growth

    • Industry Outlook
  • Going up?
  • The great unknown
  • Table: Apartment & Condominium Construction in New York Industry Revenue Outlook

    • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Apartment & Condominium Construction in New York Industry Lifecycle vs The Economy

    • Products & Markets

    Supply Chains
    Key Buying Industries
  • Finance and Insurance
  • Real Estate Investment Trusts
  • Apartment Rental
  • Educational Services
  • Healthcare and Social Assistance
  • Public Administration

    • Key Selling Industries
  • Architects
  • Construction
  • Construction & Mining Equipment Wholesaling
  • Industrial Banks
  • Lumber Wholesaling
  • Manufactured Home Wholesaling
  • Ready-Mix Concrete Manufacturing
  • Roofing, Siding & Insulation Wholesaling
  • Stone, Concrete & Clay Wholesaling
  • Tool & Hardware Wholesaling

    • Products & Services
  • General contracting
  • Construction management, at risk
  • Construction management, agency or fee only
  • Other services
  • Specialty trade contracting
  • Chart: Apartment & Condominium Construction in New York Industry Products and Services Segmentation

    • Major Markets
  • Private developers
  • State and local government
  • Chart: Major Market Segmentation for the Apartment & Condominium Construction in New York Industry

    • Business Locations
    Chart: Business Locations by State

    Competitive Landscape

    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Apartment & Condominium Construction in New York

    • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Apartment & Condominium Construction in New York Industry

    • Major Companies

    AECOM, Hunter Roberts Construction Group LLC, Lendlease Group, Turner Construction Company,
  • Table: AECOM - financial performance
  • Table: Hunter Roberts Construction Group LLC - financial performance
  • Table: Lendlease Group - financial performance
  • Table: Turner Construction Company - financial performance

    • Operating Conditions

    Capital Intensity
  • Chart: Level of Capital Intensity for the Apartment & Condominium Construction in New York Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

    • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

    • Regulation & Policy
    Industry Assistance

    Key Statistics

    Table: Industry Data for the Apartment & Condominium Construction in New York Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Housing Starts in New York (2008-2022)

    • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data

    Jargon & Glossary

    Developer
  • An enterprise that prepares a real estate site for residential or commercial use and raises capital, gains zoning approvals and hires contractors to design, construct and develop property.
    • Government National Mortgage Assn. (Ginnie Mae)
  • A US government-owned corporation that provides guarantees on mortgage-backed securities that meet certain criteria.
    • Government-Sponsored Enterprise (Gse)
  • A financial services corporation created by the US Congress to enhance the flow of credit to targeted sectors of the economy.
    • Housing Starts
  • The number of new homes under construction during a specified period of time and a key economic indicator of the health of the housing market.
    • Real Estate Investment Trust (Reit)
  • A legal entity that uses pooled investor capital to purchase and manage income property or mortgage loans. To qualify as an REIT, the entity must distribute at least 90.0% of taxable income.
    • What Our Customers Say
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    The Apartment & Condominium Construction in New York industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

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    This report on Apartment & Condominium Construction in New York:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Apartment & Condominium Construction in New York market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Apartment & Condominium Construction in New York, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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