Lower Number of Residential Building Permits Indicates New York Building Boom May Be Over

New York–The number of residential building permits issues in the five New York City boroughs fell by 46 percent in the first quarter from 2007, according to Crain’s New York Business.U.S. Census Bureau figures released last week show that the total dropped from 1,038 to 558. The number of units included in the permits also declined by 46 percent–from 7,264 to 3,893.In Manhattan, permits nosedived 69 percent to 485; in Queens, they fell to 705 units, a 62 percent drop.Last year, the number of permits issued was higher than in any year since 1972 in New York City, despite a national housing slump.