Artistic Buildings and Economic growth in US - Essay Example

Business Artistic Buildings and Economic growth in US Architectural works form part of a country’s economic resource that directly or indirectly contribute to the development and growth of the economy. Buildings provide accommodation for investors, the public, tourists, and contribute to the growth of the economy. In other word, existence of artistic buildings in a country is an indicator of better economic development. In USA, New York has topped in the towns that have invested in new buildings and consequently in the list of the cities that have given the economy of US a throttle to develop.

Additionally, renovation and conservation of old buildings have contributed to the growth of infrastructure in this town and a higher economic growth is expected in the near future. Brennan (Para. 1) has noted an enormous investment in new buildings in the New York City with more than 700 construction projects coming up in this city. In the year 2013, most of these projects have started and ground breaking has taken place for most of them while others are already under construction. Back in 2012, the $20.

5 billion worth buildings were started in mega development of the city. In 2013, investment in buildings was already at $8.5 billion within less than 5 months period. The statistical analysis of building construction indicated that the New York City has the largest investments in terms of buildings and the trend is expected to be higher in the near future. As analysts have pointed out, this kind of growth is expected to spark a higher rate of economic development in the United States. A variety of new artistic structures have come into being in the New York City providing a new look at the city.

Among them, Residential tower have been featured in the new construction trends. Brenan (Para. 3) points out that the construction of new residential buildings is likely to satisfy the housing needs that are ever growing in the United States where populations are moving in as they look for new jobs in the city. As more people find accommodation in the United States, the economy of the country is expected to grow. Towers such as the Manhattan’s The Atelier II, a $295 billion worth project, is expected to settle more people in the city considering the inflow of new workers in the New York City.

Another anticipated project is the pyramid shaped Bjarke and the Brooklyn Atlantic B2 residential towers are among the world largest mansions that are expected to house a good portion of the New York’s population. Providing housing for the residents in a country contributes the economic growth as more people flow in town and the business organization acquire more customers to maximize their profits. Shankman (Para. 1) has pointed out to the economic contribution of the architectural works in the development of the New York City.

With renovation and construction of new buildings, the city has considerably reduced the cost of living in the town encouraging more people to flow into the city. In 2013, for instance, over 600 hotels will be opened to provide over 65,000 hotel rooms at the disposal of visitors and residents, which will help to reduce the competition for lodgings in the city. Consequently, the prices of hotel rooms are expected to go down, a trend that will encourage a higher inflow of customers in the city of New York (Brockmann 42).

Consequently, it is possible to anticipate an increase in the number of tourists in the city which is likely to increase the revenue in the US. Bram (1) points out that New York City has become a favorite attraction site for tourists and this is expected favorably to the economy of the US. In addition, the growth of the city has opened new avenues for corporates to invest and develop their organizations. The corporate sector creates more employment and remits the corporate tax to the government, which are all aspects of economic development in a country.

The development of the infrastructure in New York City has contributed in a great way to the development of the United States economy. New buildings and renovation of old buildings have opened the potential of the city to grow and accommodate the economic demands of the country. New residential buildings have helped to settle the increasing housing demand of the growing population of New York City. The inflow of investors, developers and more people creates new employment opportunities and building a rich source of customers for business in the city.

Additionally, new buildings have provided new hotel rooms that are now available for visitors, majority of who are tourists. Resultantly, the tourist industry is expected to develop and to contribute more to the economic growth of the United States. In this regard, the construction of new artistic buildings in the United States is likely to spark a spontaneous economic growth in the near future. Works Cited Bram, Jason. Tourism and New York City’s Economy. Current Issues in Economics and Finance.

Federal Reserve Bank of New York, 1(7), 1-6. 1995. Brennan, Morgan. Building Boom Cities: The Metro Areas with the Most New Construction. Accessed from: [Accessed on 12th Nov, 2013] Brockmann, Jorg, and Bill Harris. One Thousand New York Buildings. New York: Black Dog & Leventhal, 2005. Print. Shankman, Samantha. Hotel Construction Rebounds in the US Greatest Boom in the New York City. 2013. Accessed from :< http://skift.com/2013/07/11/hotel-building-rebounds-with-greatest-boom-in-new-york-city/> [Accessed on 12th Nov, 2013]