Q1 and Q2 2024 Construction Pipeline Report

In Q2 2024, there were 297 new building filings, reflecting a 2% increase from Q1 2024 with 290 filings, and a 21% decrease year-over-year. The spike in Q4 2023 is due to 501 of the 734 residential permits being for 1-3 family homes in Staten Island, likely driven by compliance with Local Law 154 of 2021, which prohibits the use of fossil fuels for heating and hot water in new one- and two-family homes by January 1, 2024.

The Q2 2024 filings were 49% below the historical average since 2008.