The real estate and construction industries are powerhouses for New York City’s economy. Together, real estate and construction generate tax revenue that funds our City’s progressive public programs and creates jobs that help grow the middle class. In fact, the real estate industry alone accounts for more than half of the tax revenue needed to run New York City. In 2018, the construction industry hit record employment when it reached 157,800 jobs in New York City.
Year-to-date there have been 1,187 new building filings, which represents the lowest figure the City has experienced since 2010 and 2011 in the wake of the financial crisis. Year-over-year, the number of filings in the first three quarters reflects a 21.65% drop, the largest decrease New York has seen in the same time-frame since the decline between 2009 and 2010.