
REBNY: Q2 Construction Filings Again Outpace Historical Averages
New York City construction activity in the second quarter again outpaced historical averages, the Real Estate Board of New York (REBNY) said Thursday. There were 422 new building filings in the quarter, a 19% increase year-over-year.
Although this level represents a 39% decrease from last quarter, it’s important to note that Q1 2022 had the largest number of filings in any single quarter since Q4 2014, REBNY reported.
The total proposed construction square footage in Q2 followed the same trend. While the number of filings fell compared to Q1, Q2 saw solid gains year-over-year.
“The second quarter of 2022 continued to show the strength of the city’s construction and development sectors,” said REBNY president James Whelan. “To continue this progress, the City and State must create more tools to offset costs for sorely needed housing and implement zoning changes to enable the redevelopment of some under-utilized office and hotel space.”
- ◦Development