Building permits see increase, construction resumes in city
Though still below 2008 levels, new construction permits in New York City are on the rise, an indication that developments may be back on track, the Wall Street Journal reported.
Permits for new buildings, alterations and demolition rose by approximately 12 percent during the first half of 2011 compared with the same period last year, according to new data from the Department of Buildings. Demolitions -- normally a firm indicator of brand new projects -- jumped by 14 percent.
"More construction permits mean more people are going to work," Buildings Commissioner Robert LiMandri said.
Private developers are still experiencing difficulty when it comes to financing big projects, said Richard Anderson, president of the New York Building Congress, as lenders tighten their restrictions.
The increase in construction permits is "certainly a positive sign," he said, but the improvement has been undercut by the number of stalled sites in the city. [WSJ]