Value of Plans for New Buildings, Manhattan and Portions of the Bronx for New York, NY
M0245AUS35620M398NNBR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.02
Year-over-Year Change
-76.94%
Date Range
1/1/1868 - 12/1/1900
Summary
The Value of Plans for New Buildings, Manhattan and Portions of the Bronx for New York, NY is an economic indicator that tracks the total dollar value of building plans approved in these areas. It provides insights into construction activity and investment in New York City's real estate market.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This metric represents the total dollar value of approved plans for new building construction, additions, and alterations in Manhattan and parts of the Bronx. It serves as a leading indicator for construction spending, economic growth, and real estate investment in New York City.
Methodology
The data is collected by the New York City Department of Buildings and published by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by urban planners, real estate investors, and policymakers to gauge the strength of New York's construction and development sectors.
Key Facts
- Manhattan and the Bronx account for over 60% of New York City's total construction value.
- Building plans approved in 2021 reached $23.5 billion, a 33% increase from 2020.
- The construction industry employs over 150,000 workers in New York City.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar value of approved building plans for new construction, additions, and alterations in Manhattan and portions of the Bronx in New York City.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into construction activity, real estate investment, and economic growth in New York City, making it a key indicator for urban planners, developers, and policymakers.
Q: How is this data collected or calculated?
A: The data is collected by the New York City Department of Buildings and published by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by urban planners, real estate investors, and policymakers to gauge the strength of New York's construction and development sectors, which are critical drivers of the city's economy.
Q: Are there update delays or limitations?
A: The data is published monthly, but there may be a 1-2 month delay in reporting due to the time required for the Department of Buildings to process and compile the information.
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Citation
U.S. Federal Reserve, Value of Plans for New Buildings, Manhattan and Portions of the Bronx for New York, NY (M0245AUS35620M398NNBR), retrieved from FRED.