According to the Comptroller's Office analysis, New York City is experiencing its biggest residential construction boom in three decades. The City issued building permits for a total of 62,526 new housing units in 2005 and 2006. The 2year total is the most since 1971 to 1972. Although the number of new housing permits dropped 14 percent in the 4Q06 from 4Q05, they remained at a high level into 2007.

The Comptroller's report also shows that Real Gross City Product (GCP), a measure of the overall City economy, grew 3.6 percent for the full year of 2006, the third consecutive year of solid growth for the City's economy. Economic growth, however, decelerated during the course of the year. The City's GCP estimated growth was 1.9 percent for 4Q06, the weakest quarter of 2006.

* New York City's unemployment rate fell to 4.4 percent in 4Q06, its lowest level in 36 years. The number of unemployed City residents declined by 12,300 during the 4Q06.

Building construction
Housing developments
Home building