Construction in New York City dropped significantly in 2020, down 28% from the previous year. New projects in this industry were at their lowest level since 2012.
These data are presented in the next report of the Real Estate Board of New York.
“The reality is that the city is not getting the right amount of new buildings it needs,” said James Hilan, President of the Real Estate Board. “And this is not least about housing, including affordable housing.”
Housing construction in New York decreased by 17% compared to 2019.
The industry analysis is based on the number of new property applications received by the City Buildings Department. Most of the inquiries came from Queens (169). Brooklyn is in second place with 146 applications. Least of all were going to build in Manhattan (21 requests).
The dismal statistics were released at a time when the New York economy continues to suffer from the pandemic. But there is also news that inspires hope.
In a recent address to the residents of the State of the State address, Andrew Cuomo outlined his massive infrastructure plan, which will cost an impressive $ 690 billion. He also came up with a proposal to convert unused office space into housing.
Construction industry leaders are listening closely to what is being said in both Washington and Albany. They hope that politicians will give the green light to ambitious infrastructure.
“Now is the time for a comprehensive national building plan, which in scope would be equal to or even exceed the“ New Frontiers ”(“ New Deal ”- the economic program of President Franklin Roosevelt, carried out in 1933-1939. – Author’s note), – said Carlo Sissura, President of the New York Building Congress. “The investment in buildings and facilities will put New York and the United States on a path to economic recovery.”