NYC's Stalled Projects on the Rise
The number of stalled construction sites in New York City has risen 17% to 691 from February to November, “erasing virtually all of the progress made in the prior 15 months,” according to a recent New York Building Congress (NYBC) analysis of New York City Dept. of Buildings (DOB) inspection records. Some 26% of the stalled projects were added to the list this year, NYBC says.
“While it’s hard to pinpoint exactly what happened, it is worth noting that the upturn in stalled sites roughly coincided with a period of rather steep declines in the stock market as well as a growing uncertainty about the state of the world economy,” Dick Anderson, NYBC president, said in a statement.
Brooklyn leads the boroughs with the highest number of stalled projects at 323, followed by Queens with 169; Manhattan with 123; Staten Island with 50; and the Bronx with 26.
November is the seventh-worst month since July 2009 when the DOB began tracking stalled projects, and it is the worst showing since January 2011, NYBC says. The number of stalled sites peaked at 709 in November 2010.