The number of residential permits issued in the city in the first quarter dropped by 46% compared with the year ago period, a sign the city’s building boom is coming to an end.
The total number of permits declined to 558 from 1,038, according to figures released Thursday by the U.S. Census Bureau. All five boroughs saw significant drops, with the steepest one in the Bronx, where permits in the first three months of the year fell by 64%, to 79.
The decline follows a year in which more permits were issued citywide than in any year since 1972. Permits in Brooklyn and Queens, which reached record heights in 2007, dropped by 52% and 40% respectively in the first quarter of 2008.
When looking at permitted residential units, the number also fell 46%, to 3,893 from 7,264. The steepest drops were in Manhattan, which fell 69%, to 485 units, and Queens, which fell 62%, to 705 units. Staten Island had a 25% gain, to 238 units.
Permit plunge: End of the building boom?