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Before the financial crisis of 2008, New York City (NYC) Real Estate Development was at an all-time high. Easily attainable loans and relatively favorable interest rates had people comfortably investing into the RE development market, enabling for more construction jobs.

Nearly a decade later, the construction industry has seen an injection of jobs amidst the latest RE development surge in NYC. Construction jobs are expected to hit 147,100 in 2016, more than a 7% increase from 2008, which consisted of 131,800 construction jobs. The increase of employment in the construction sector isn't only connected to RE development, but also due to the expansion of health-care facilities, commercial projects and various public infrastructures.

“The construction market is even stronger than we all thought.” - Richard Anderson, President of the New York Building Congress.

The boom of residential luxury development in Manhattan along with the rapid development in areas such Long Island City (Queens) has not only demanded more employees, but more skilled-construction professionals as well. As a result, construction jobs have seen their wages increase by more than 3% in just a year alone ($74,100 in 2014 to $76,300 in 2015).

With RE development expected to continue growing in NYC, job growth in the construction industry looks more and more promising.

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Cerco Funding LLC is a New York-based real estate private equity firm. Cerco acts as a direct portfolio lender originating commercial bridge loans nationwide. Cerco has extended capital for acquisitions, refinancings, repositionings, and a host of special situations.

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CERCO FUNDING LLC
Address 230 Central Park South, PH17
NY 10019
New York, USA
Phone +1 (646) 435-7080
Email [email protected]