NYC Construction Filings Rebound, Yet Still Lag Historical Averages
New York City’s construction pipeline rebounded in the fourth quarter of 2022 with 388 new building filings representing 12.6 million square feet, the Real Estate Board of New York (REBNY) reported. The number of projects was up 11% and the proposed square footage was up 95% from Q3.
However, REBNY said it’s important to note that Q3 2022 had among the lowest quarterly levels of new building proposals in recent years. Compared to historical data, new building filings were 20% below the overall median and 22% lower than the quarterly average since Q1 2008.
Q4 residential construction filings, while up 136% in unit count over Q3, also showed that the city lags in new housing supply. “New Yorkers need much more aggressive policy solutions to help spur residential construction if we are to escape from the housing supply crisis we face today,” said REBNY SVP of policy Zachary Steinberg.