Image Credit: NYC DOB.

Despite increase in developments, construction in New York City has leveled. On January 22, 2019, Department of Buildings Commissioner, Rick D. Chandler, released a report on the City’s construction in 2018. The most significant finding from the report was that the City’s construction activity has leveled off after its real estate and development boom. The number of construction permits Buildings issued decreased in 2018. In 2018, Buildings issued 165,908 construction permits while in 2017, they issued 168,243. This was the first decline in permits since 2009. Despite the decrease, 2018’s permit totals were the second highest on record. In response to the report’s findings, Commissioner Chandler states that the building boom “may have finally reached its peak.” (more…)