Construction is booming in New York, confirming that last quarter’s surge was no aberration. New York YIMBY’s third-quarter report, which covers June through August, indicates a continuation of the development momentum from the spring when total filed-for square footage rose by 73 percent.
The second quarter of the year has come to a close, and as New Yorkers enjoy some of the year’s warmest weather and longest days, YIMBY has compiled our latest comprehensive quarterly overview of new project filings with the Department of Buildings from April through June. Given the acute housing crisis that continues to grip the city, we are happy to report that the Q2 total of 16,202 residential and hotel unit filings represents a dramatic 77-percent surge over the previous quarter’s total of 9,138. Equally promising is the near-doubling of the total filed-for square footage, which rose from 13.4 million square feet in Q1 to 23.2 MSF in Q2. In all, developers submitted filings for 956 new buildings during the three-month period, a notable increase from the previous quarterly total of 840. Below we look at the findings via a series of charts and analyses. The full list of quarterly filings, with detailed information on every project, is available with a subscription to YIMBY’s Building Wire.
As New York City abounds with fresh spring blooms, New York YIMBY has fresh numbers reflecting the permit filing activity that took place in the first quarter of 2023. In the period spanning from January through March, the Department of Buildings registered permits for 840 new buildings (surpassing last year’s quarterly average of 806), combining for a total of 13.4 million square feet. Of these, 668 building will be allocated for residential and hotel use, and will contribute a total of 9,138 units to the city. The full quarterly report, summarized below in a series of custom charts and analyses, is available with a subscription to YIMBY’s Building Wire.
According to the cumulative data for permit filings for new construction in New York City in 2022, the Big Apple’s construction scene has some rather positive numbers to report. The data from the Department of Buildings shows that, over the course of the year, the city’s developers filed for a total of 3,225 new buildings, a 60 percent increase over last year’s tally of 2,017 permits. The total volume of new filed-for floor space also rose from 53 million square feet in 2021 to 66 million square feet in 2022. The combined volume of new residential and hotel unit filings increased from 45,019 in 2021 to 49,965 in 2022, and the full report in Excel format is available with a subscription to YIMBY’s Building Wire.
The fourth-quarter numbers for New York City’s construction filings are in, and YIMBY is excited to report that the overall figures from October through December dramatically outpace those from the previous quarter. Although the total number of new building filings is slightly down, dipping from 768 in Q3 to 738 in Q4, the number of residential and hotel unit filings surged from 7,217 in Q3 to 13,030 in Q4. Similarly, the total filed-for floor area effectively doubled, rising from 10.6 million square feet in Q3 to 20.3 million square feet in Q4. In effect, not only has the size of the average filing become twice as large during the period, but it also increased in height from an average of 3.2 in Q3 to 4.1 in Q4. The full report in Excel format is available with a subscription to YIMBY’s Building Wire.