Permit Filings for New Buildings Rise in Q2 2023

New building permit filings rose nearly 14% quarter-over-quarter, increasing to a total of 957 filings between April and June. Similarly, total filed square footage nearly doubled at 23.2 million square feet spread across 956 buildings in comparison to the 1st quarter’s 13.4 million square feet and a total of 840 new buildings. Overall, the number of new building filings in each borough rose by double digits. Residential and hotel development activity rose sharply quarter-over-quarter. The total 16,202 residential and hotel units filed between April and June represent a 77% increase over the previous quarter’s 9,138 units. Residential projects accounted for the majority of the 737 new buildings filed, of which, projects delivering under 50 residential or hotel units represented the majority of new units to be created.