The Real Deal New York

City sees first rise in number of building permits since 2008 economic crash

March 06, 2012 03:00PM

In the first upswing since the economic downturn began in 2008, permits for new buildings in New York City have increased in the first two months of the year from the same months in 2011, Crain’s reported.

The number of permits for new buildings rose year-over-year by 42.7 percent to 2041, according to data from the Department of Buildings, and that equals five new projects getting permits every business day.

January and February 2012 saw 12,967 new construction permits — up 14 percent from the same months last year. In addition, the number of demolition permits so far this year has reached 328 — a 36.7 percent increase from the same period in 2011.

“Demolition permits are a precursor to new buildings,” DOB Commissioner Robert LiMandri told Crain’s. “It means we will see more building this year.”

According to Crain’s, these levels are still below the pre-2008 numbers. [Crain’s]