An early indicator of the future strength of construction across the
city is sending very positive signals. In the first two months of the
year, the number of permits issued for demolition work in the five
boroughs jumped to 328, up 36.7% from the same period a year ago,
according to the city's Buildings Department.
“Demolition permits are a precursor to new buildings,” said Robert LiMandri, commissioner of the city Buildings Department. “It means we will see more building this year.”
Meanwhile, in another positive sign, the number of permits for new buildings across the city soared 42.7% to 204 in the first two months of the year compared to a year ago. That amounts to about five new projects winning permits each business day, according to the Buildings Department.
The strong numbers rank as the first significant increase in new building permits since the downturn in 2008, according to Mr. LiMandri. In fact, in January and February of last year the number of new building permits issued actually dropped 42% from the same period of 2010. He added that most of the new building permits issued this year are for residential projects. Out of the total new building permits issued so far, 150 were for residential projects and 54 were for commercial.
The positive news comes a week after the New York Building Congress released its analysis of census data that found that residential permits issued in 2011 rose 33% from the previous year. It pointed out that the number of permits is still 75% off from 2008 figures.
“We still have a long way to go,” said Mr. LiMandri.
