[chris08876]

City did okay this quarter. Relatively speaking, compared to the last 3 to 4 years.

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New York YIMBY’s Q1 2024 Construction Report Tallies Record-Breaking 19,819 Residential And Hotel Units

New York YIMBY has tallied the records for new building permit filings for the first quarter of 2024, and the results are one for the record books. According to data compiled from permit filings submitted to the Department of Buildings, during the three-month period from January through March, builders throughout the city filed a combined total of 19,819 residential and hotel units, the highest total for any three-month period since YIMBY started tracking the statistic in 2020. Similarly, the combined filed-for square footage of 26 million is also the highest quarterly tally for the decade so far.

Of the 1,044 new building permits, 57 were filed for high-rise buildings standing ten stories and higher, which will boost the skyline and contribute much-needed density in some of the city’s most pedestrian-friendly, transit-oriented communities. Below we break down the data via a series of charts and analyses that track the city’s development trends during the year’s first quarter.

The third quarter of 2023 saw a record-setting average of 345 new building permit filings in New York City per month in July, August, and September. The following three months (Q4 2023) further shattered the record with an astounding monthly average of 507 permits, with 794 permits filed in December alone.

While the first-quarter average for 2024 fell well below the previous quarter outlier, its total of 348 new building filings still slightly surpassed the 2023 Q3 total to rank as the second-highest quarterly average since YIMBY started keeping tally in 2020. With a total of 389 filings, March 2024 holds the third-highest monthly count since YIMBY began keeping track, reflecting the enduring strength of the city’s construction and real estate industries.

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Below, the filing size categories are compared between Q4 2023 and Q1 2024 individually:

Single-family: 65-percent decrease (482 to 167 units)
Two-family: 49-percent decrease (442 to 224)
Three to nine units: 3-percent increase (172 to 177)
Ten to 49 units: 19-percent increase (126 to 150)
50 to 99 units: 3-percent increase (36 to 37)
100 to 499 units: 25-percent increase (36 to 45)
500 to 599 units: 400-percent increase (1 to 4)

Single-story: 3-percent decrease (183 to 177 permits)
Two-story: 40-percent decrease (379 to 228)
Three-story: 59-percent decrease (553 to 225)
Four-story: 7-percent decrease (177 to 165)
Five to six floors: 8-percent increase (90 to 97)
Seven to nine floors: 4-percent increase (91 to 95)
Ten to 19 floors: 14-percent increase (36 to 41)
20 to 29 floors: 200-percent increase (5 to 10)
30 to 39 floors: 60-percent decrease (5 to 2)
40 to 49 floors: 300-percent increase (1 to 3)
50 to 59 floors: no change (1)

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NYY