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It looks like the Big Apple's building boom is taking a breather. The
Post reports that building and construction permits are down this year. Some figures:
- In 2006, 5,599 permits for new building construction were issued between January and November; in 2005, in 6,689 permits were issued during the same period
-In 2006, 104,188 permits for construction (like demos, alterations) were issued between January and November; in 2005, 111,293 were issued during the same period
But real estate prognosticators say not to worry. Some factors may be that there's less land and that there are "bigger projects per permit," as Deputy Mayor Dan Doctoroff says. He also says "that the housing market could level off but that overall construction activity is expected to increase over the next three years." The graphic the Post included is sort of mind-blowing, when you think that construction permits have practically doubled since the mid-1990s.
Photograph of huge crane being placed at residential construction site on the Upper West Side
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Bet the slowing economy has a hand in the slow down too.
FYI construction was at a low in the mid-1990s, so the level of total construction may be said to have returned to the high level of the late 1980s.
Residential construction is at a post-1973 high due to the housing boom. Non-residential is a shadow of its 1980s level.
A residential slowdown is in the cards. We'll see if non-residential (ie. office buildings) picks up the slack.