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REBNY: Construction Filings Remain Below Historical Average
Newly proposed construction activity in New York City remains at low levels in the third quarter, consistent with the past year and a half, the Real Estate Board of New York (REBNY) said in its New Building Construction Pipeline Report for Q3 2024. New housing and overall construction levels in Q3 2024 trail historical averages.
In Q3, there were 326 new building filings, a 10% increase from Q2 2024 but a 5% year-over-year decrease. Q3 filings were 43% below the historical average since 2008. Looking specifically at residential filings, the REBNY report found that although the number of proposed multifamily units was up from Q2, it too was below the historical average.
“New York City needs a robust construction pipeline to reduce cost pressures on tenants, attract and retain a talented workforce and support jobs and tax dollars generated through new development,” said Zachary Steinberg, REBNY SVP of policy. “While we see some improvement from the previous quarter, this report’s findings show we are still significantly trailing historical production averages.”
- ◦Development
