New York in Building Boom of Historic Scale

The New York Sun reports:

Buoyed by low interest rates and a decline in crime, New York City is in the midst of a historic construction boom on par only with the real estate rush that defined the early 1960s and the late 1920s, eras that gave birth to iconic city structures such as the Met Life Building and the Chrysler Building.

The trend is visible in city data and confirmed by the construction cranes planted at sites across the five boroughs. Mayor Bloomberg, who is being sworn in for a second term Sunday, will be able to count the widespread development as a key part of his legacy, analysts said.

The number of permits issued for new private residential building units issued citywide in 2005 is on pace to hit nearly 28,000, surpassing last year's total by more than 10% and more than five times the amount issued a decade ago, according to the city's Department of Buildings. Some city officials say that all told, the final tally of new residential units may reach as high as 35,000 this year. In 1999 there were 12,421 new units and in 2000 there were 15,050.

Not bad for a city located in one of the few places losing population.But,heh the lack of building over the decades has to be made up at some time.