2014 was a milestone year for Boston’s real estate development! With its commitment to infrastructure, the steady increase in jobs, and brand new housing the Greater Boston Area is a great place to look for a new home! Catherine Carlock of the Boston Business Journal recap’s the news from the year.
“The momentum of Boston’s ongoing building boom was driven home by Mayor Marty Walsh, who rattled off a number of statistics about the sheer volume of work underway in the city during a speech to the Greater Boston Chamber of Commerce. Here’s a roundup of Walsh’s highlights:
• $4 billion worth of new construction will have broken ground by Dec. 31, up 16.4 percent from the year before.
• 7.5 million square feet of total space will have been added.
• 12,000 construction jobs were supported this year.
• 3,859 housing units are under construction, on track to meet a target of 53,000 units by 2030.
The Boston Redevelopment Authority this year has approved an additional $3.7 billion worth of development, Walsh said, which is expected to translate into an additional 10 million square feet of space, 4,700 housing units and 11,000 construction jobs.”
“We’re proud of these results,” Walsh said. “We hit the ground running, and we didn’t let up. … We are going to reach even higher next year.”