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REBNY: Proposed Construction Reaches 10-Year Low
A new analysis of city data by the Real Estate Board of New York (REBNY) found that total square footage and new multiple dwelling filings for proposed construction in New York City are both at lows not seen in a decade. The proposed 5.4 million construction square feet in the first quarter is the lowest such figure since Q4 2010, while Q1 filings for new multiple-dwelling buildings have reached their lowest point since Q3 2011.
Following the latest report, REBNY called on Congress to pass President Biden’s historic infrastructure plan, which would put $2 trillion into the nation’s construction industry.
“We applaud Majority Leader Chuck Schumer for embracing this much-needed plan and leading the fight for its passage,” said REBNY president James Whelan. “It is also more important than ever for city and state elected officials to step up and play their part.”
