Const. activity surges: 5,751 building permits issued in June

Construction activity in the city surged in June, as more than 17,000 building permits were issued throughout the five boroughs (Jan.-June). This compares to 4,028 permits issued through June 2007-a 325% increase. "The numbers are astronomical and show an enormous surge in construction activity in New York City, likely attributable, at least in part, to developers moving forward with projects prior to the expiration of the 421-A benefits" said Steven Spinola, president of the Real Estate Board of New York (REBNY). "In the near term, New Yorkers should look forward to the economic benefits generated by the spike in activity." In Manhattan, 5,751 in permits were issued in June-as compared to just 585 permits a year ago. In Brooklyn, the number of permits issued jumped by 436%; Queens saw a spike of 105%; and in Staten Island, there was a 785% increase. The Bronx was the only borough to see a fall-off, dropping by 50% from last year. In the first six months of 2008, there was a total of 26,851 permits issued, as compared to 16,650 in January through June 2007-a 61% increase. The number of permits equals the number of residential units under construction. A chart detailing the numbers, which were provided by the U. S. Census Bureau, is attached. The Real Estate Board of New York is the city's leading real estate trade association with more than 12,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the City's real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.