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NYC Construction Filings Rise Year-Over-Year
The Real Estate Board of New York’s latest Quarterly Construction Pipeline Report finds that the total number of new building filings in the third quarter was 486, a 37% increase from Q2 and near the historical average of 502 quarterly filings. However, proposed construction square footage falls well short of the historical quarterly average.
The report highlights an upward trend in the filings of multiple dwelling residential units: up 20% year-over-year to 6,187 units.. Yet, housing production in New York City remains well below levels needed to support the growing population.
“As we can see from this report, the new federal infrastructure legislation will provide a critical boost to New York’s recovery,” said REBNY president James Whelan. “Investment in infrastructure is key to our long-term economic success, We are committed to working alongside city and state leaders to ensure the new federal funding is distributed quickly and equitably.”
- ◦Development
