New York City sees upswing in construction

Posted by IronPlanet on Feb 29, 2012 4:51:00 AM

New construction projects in New York City have been few and far between since the recession hit, but the city's Department of Buildings recently revealed that the number of permits jumped considerably last year.

Crain's New York reports that the number of permits rose to 8,936 in 2011, up from just 6,727 the year prior. Still, this figure is just 25 percent of the number of permits issued in 2008, when the industry was still doing well.

Richard Anderson, president of the New York Building Congress, said that the number was encouraging. However, he pointed out that not all of those buildings will end up being finished.

"This does not necessarily mean we will have this number of units completed a year down the road, but it's a fairly good year-to-year measure of residential activity in the city," he told the news source.

Most of the building was done in Queens, at 32 percent, with Manhattan and Brooklyn coming in at 22 percent and 21 percent, respectively. Seventeen percent of the permits were for the Bronx, with the remaining 8 percent allocated to Staten Island.

New York-based contractors getting ready to build again should be sure they have the right tools for the job. Buying used construction equipment online through IronPlanet can help owners get what they need to complete their jobs.

Topics: Construction, Industry Headlines