December 14, 2020
The number of new construction filings in 2020 is New York City’s lowest since the wake of the Great Recession, the Real Estate Board of New York said Friday.
There were 1,187 new building filings citywide through the first three quarters of 2020, a year-over-year decline of nearly 22%, according to REBNY’s New Building Construction Pipeline Report. This is the lowest year-to-date number since 2010.
Following on the new report, leaders of the Real Estate Board of New York (REBNY), Building and Construction Trades Council (BCTC), Building Trades Employers Association (BTEA) and New York Building Congress called on government officials to address the industry’s serious challenges.
“This 10-year low point for new construction activity calls for an all-hands-on-deck response by elected officials and a laser focus on policies that will generate jobs and growth without setting back crucial recovery efforts,” said REBNY President James Whelan.
Pictured: Victory Plaza topping out, November 2019.
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