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.