The Real Estate Board of New York (REBNY) and other construction organizations are calling policymakers to act to generate more construction activity after a new REBNY analysis of New York City data revealed that the number of new construction filings in 2020 is New York City’s lowest since the wake of the Great Recession.
Leaders from REBNY, Building and Construction Trades Council (BCTC), Building Trades Employers Association (BTEA) and New York Building Congress called on government officials to address the industry’s serious challenges and laid out an array of pro-growth proposals that would spark more construction and jobs for New Yorkers.
“This 10-year low point for new construction activity calls for an all-hands-on-deck response by elected officials and a laser focus on policies that will generate jobs and growth without setting back crucial recovery efforts,” said REBNY President James Whelan. “The industry will keep working collaboratively with labor leaders and other stakeholders to ensure construction can continue to bounce back and help to provide a brighter future for our City and its workers.”
There were 1,187 new building filings in New York City through the first three quarters of 2020, representing a nearly 22% decline when compared to the first three quarters of 2019, according to REBNY’s New Building Construction Pipeline Report. This is the lowest year-to-date number since 2010, when there were 1009 filings through the first three quarters. The report also found that filings increased to 441 in Q3 2020 from 386 in the previous quarter, when non-essential business activity was still shut down due to COVID-19.
Proposals put forth by the industry and labor leaders included: prioritizing and Expediting Large-Scale Developments Already in the Pipeline, such as the Empire Station Complex, completion of the World Trade Center Site, Willets Point and Sunnyside Yards; developing a Regional Transportation Infrastructure Master Plan to coordinate projects such as the Gateway Program, Port Authority Bus Terminal, Second Avenue Subway Extension, BQX/Interborough Light Rail and LGA AirTrain Connection; expanding Existing Pro-Growth Programs to Incentivize Life Sciences Development; converting Class B and C Office Space to Residential space and Creating a Single Public Sector Point of Contact for Larger Projects to streamline new development.
