New York Building Congress

NYC on track to build just 11,000 homes this year, half of 2022 total, report finds

Brooklyn Point in Downtown Brooklyn offers 421-a benefits through 2045; Rendering by Williams New York.

October 19, 2023

NYC on track to build just 11,000 homes this year, half of 2022 total, report finds

New York City will build just 11,000 new units of housing this year, a sharp decline from the year before and way below the number of homes needed to address the city's current housing crisis. According to a report released Wednesday by the NY Building Congress, construction of new residential units dropped by 62 percent in 2023, due to the expiration of the 421-a tax abatement in combination with high interest rates.
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October 25, 2016

Report: Construction spending beat $127B over past three years, set to surpass 2007 peak

By Michelle Cohen

An estimate by the New York Building Congress has construction spending in 2016 at more than $43.1 billion, beating the $41.6 billion high of 2007 and reflecting a 26 percent increase from last year's $34.4 billion, the Wall Street Journal reports. The surge in construction, led by mega-project Hudson Yards on Manhattan's West Side and public projects like the Second Avenue Subway, has led to rising construction costs and an attendant surge in the demand for skilled labor, bringing workers to the city from all over the U.S.
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New York Building Congress

NYC on track to build just 11,000 homes this year, half of 2022 total, report finds

Report: Construction spending beat $127B over past three years, set to surpass 2007 peak

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