Q4 2023 Construction Pipeline Report

In Q4 2023, there were 728 new building filings, reflecting a 113% increase from the previous quarter and a 73% increase year-over-year. The Q4 2023 filings surpassed the historical average by 48%. This increase is the result of a record-breaking 568 filings for filings for one to three family homes, and can likely be attributed to Local Law 154 of 2021 that took effect on January 1, 2024.