An estimate by the New York City Department of Buildings for the construction of a new house was published on Wednesday.
The estimate was released in response to a petition filed by the American Federation of State, County and Municipal Employees and other unions representing construction workers.
“The new estimate shows that New York has now surpassed $1 trillion in new construction,” said Tom Grosz, assistant commissioner of the Department of Finance.
“The average construction cost in New York was $1.5 million, a 25 percent increase over five years ago.
Construction in the city is expected to be the largest single component of the city’s gross domestic product this year.”
The estimated cost of building the new house in the Bronx, Manhattan and Brooklyn has increased to $1,836,000, up from $1 million last year, according to the Department.
While the price of the new construction is expected go up, the cost of maintaining it has gone down by $10 million, the report said.
New York City has been a manufacturing powerhouse for more than a century.
It now has a manufacturing economy that has surpassed any other major American city, according a 2015 report by the Congressional Research Service.