News
HITTING A WALL
December 1, 2010
| Despite signs of a recovering broader economy, a New York Building Congress analysis of Department of Buildings inspection records suggests that the construction industry is lagging behind, with 692 stalled construction projects throughout NYC. |
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| The number of stalled sites this year has risen each month through October, a 52% increase from a year ago. Fugghedabout Brooklyn—the borough topped the list with nearly half of the stalled projects, with 319 in October. The number of dormant sites in Manhattan, however, has doubled to 130. NYBC found through DOB permits and Department of Finance records that residential projects, particularly multifamily, continue to dominate the stalled project list. And out of the stalled sites, 36% remain vacant, meaning that developers have obtained land and construction permits, but have yet to start work. “These sites represent thousands of units of new housing, additional commercial and industrial space, several hundred million dollars in unrealized investment, and thousands of jobs for a construction industry battered by the recession,” says NYBC prez Dick Anderson. |
