NYC Construction Continues to Surge: Q3 2024 Permit Filings Hit Record Highs
As temperatures fall, New York City’s construction market remains active. The New York YIMBY construction report for the third quarter of 2024 highlights this trend. During July to September, developers submitted permits for 1,071 new buildings totaling 26.8 million square feet. These include 18,935 residential and hotel units.
The data shows steady permit filing activity. On average, there were 357 new building permits per month, nearly matching the second quarter’s average of 359. The third quarter marks one of the highest averages since tracking began at the start of the decade.
Breakdown by Borough
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During the third quarter, The Bronx and Manhattan saw notable increases in permit filings, up 28% and 26%, respectively. In contrast, Queens and Brooklyn experienced slight decreases of 9% and 3%, yet they still accounted for a majority of the filings compared to other boroughs.
Permit Filings by Unit Count
A total of 18,935 units were filed, marking a 28% rise compared to the previous quarter. Growth was particularly strong for larger multi-unit dwellings. Notably, there were three new filings for buildings with over 500 units, which did not occur in the second quarter.
Residential and Hotel Units by Borough
- The Bronx: Increased from 3,116 to 4,312 units (38% increase)
- Brooklyn: Increased from 6,247 to 9,070 units (45% increase)
- Manhattan: Decreased from 2,221 to 1,475 units (34% decrease)
- Queens: Increased from 2,950 to 3,897 units (32% increase)
- Staten Island: Increased from 123 to 181 units (47% increase)
Despite Brooklyn’s leading filings, Manhattan’s decline stands out as significant.
Average Unit Count per Filing
The average number of units per filing varied by borough:
- The Bronx: Increased to 33 units
- Brooklyn: Increased to 31 units
- Manhattan: Decreased to 45 units
- Queens: Increased to 14 units
- Staten Island: Decreased to 1.5 units
Permit Filings by Floor Count
The number of permit filings by floor count showed mixed results:
- Single-story permits increased from 142 to 151.
- Two-story permits declined from 278 to 249.
- Ten to 19-story permits doubled from 21 to 42.
Top permit filings by floor counts included developments up to 43 floors in Brooklyn.
Total Floor Area by Borough
Total floor area also increased significantly:
- The Bronx: Up 56% to 4.7 million square feet
- Brooklyn: Up 18% to 11.8 million square feet
- Manhattan: Up 46% to 4 million square feet
- Queens: Up 12% to 5.7 million square feet
- Staten Island: Down 10% to 0.58 million square feet
Average Floor Area per Permit Filing
The average floor area per permit rose from 19,938 to 25,015 square feet across the boroughs, with most showing considerable growth.
In summary, New York City’s construction sector remains vibrant, with strong filing activity and significant increases in both unit and floor area counts. The growth trend is evident across several boroughs, despite some variations in performance among them.