As the cost of house construction in New England approaches $1 trillion, a new report estimates the amount of construction costs will grow faster in New Yorkers than in any other metropolitan area.
The report, based on a detailed analysis of data from the Federal Reserve Bank of St. Louis, shows the cost growth will accelerate as builders seek to expand their operations beyond the traditional brick-and-mortar construction.
It also shows that builders will seek to add more insulated houses, which have been a major focus of the Federal Emergency Management Agency in the aftermath of Superstorm Sandy, as well as more prefabricated homes, which are more vulnerable to hurricanes.
The cost of construction in the United States is projected to hit $4.4 trillion in 2020, an increase of 8.5 percent from last year, according to the report released Monday.
That would mark the first time the U.S. has surpassed the $4 trillion mark since 2005, according the report.
The growth in the costs of construction is due to two factors: a more diversified workforce, and an increase in the size of the overall construction workforce.
More than 40 percent of the work force in the U-20 group is made up of women and nearly 50 percent are younger than 25, according data from Bloomberg.
Construction workers are now employed in the first decade of construction, and are more likely to be male and to have college degrees, the report said.
This article has been updated to include additional data from data from Federal Reserve.