Strong Construction Activity Remains Steady in Q3 2023

Based on permit filings with the New York City Department of Buildings (DOB), construction activity citywide in the 3rd quarter of 2023 represented a “continuation of the development momentum from the spring when total filed-for square footage rose 73%” according to NY Yimby’s latest report. Total filings from June through August increased 3% quarter-over-quarter to 986 filings, however total square footage filed lowered 21% to 18.3 million square feet during the same period. Similarly, the total number of filed-for residential and hotel units lowered 14% quarter-over-quarter. Queens boasted the highest increase in permit filings among the five boroughs, ending the 3rd quarter at a 7% increase quarter-over-quarter at the high of 350 filings, in contrast to Manhattan, which saw a 23% decrease with just 23 filings at the low. Permit filings for residential and hotel units rose 7% in The Bronx and Queens, while Manhattan, Brooklyn and Staten Island saw 22%, 23% and 61% decreases respectively.