Last year, it was reported that New York City’s population had increased by 52,700 people between 2013 and 2014, hitting 8,491,079, and nearing what the city had previously projected for 2020. Today, the American Community Survey released updated data as of July 1, 2015, showing another large increase of 55,211, putting the five boroughs’ population at 8,550,405 – just 502 people short of the official 2020 projection.
The continued gains are unsurprising considering the general trends across much of the United States since the recession, which have been pushing numbers across most cities substantially higher. New York City also suffered from what many believe to have been an undercount as of the 2010 Census, which left additional room for numbers to catch up with reality.
The strongest borough in terms of numerical growth was Queens, which gained 16,700 people. Brooklyn was next, with a gain of 16,015, followed by the Bronx, with a gain of 13,687. The slowest growing boroughs were Manhattan and Staten Island, with changes of 7,552 and 1,257 individuals, respectively. Percentage-wise, the Bronx led the pack, with an increase of .95 percent year-over-year, beating out Queens’ .72 percent increase.
These changes show how the outer boroughs continue to consolidate gains, and if the permit activity in this year’s YIMBY report is any indicator, the trend should continue through the near future. While filings have now cooled off substantially in Manhattan and much of Brooklyn, momentum in areas where pricing has not reached obscene levels remains strong; The Bronx and Queens are densifying particularly quickly, and with construction activity continuing to increase in the Bronx and remaining strong in Queens, those two boroughs are likely to continue leading the city for the next few years.
While Manhattan has continued to see increases, its lack of buildable land has limited substantial growth. But this could also change in the coming years, as several neighborhoods are now experiencing major spikes in verticality, including the Financial District and Hudson Yards, where the city’s largest building by unit count (1,175) is set to open this year at 605 West 42nd Street.
The picture in Brooklyn is also positive, although mixed. While year over year filing activity has dropped significantly, population gains remain impressive, though accessibility issues may soon affect the growth of both Greenpoint and Williamsburg, which could face several years of subway disruptions. This may blunt momentum along the waterfront, but neighborhoods across inner Brooklyn should pick up the slack, and the accelerating boom in Downtown Brooklyn should also even out any pause along the East River.Tags: #apartments, #Broker, #cityliving, #CreditReport, #CreditScore, #dreamhome, #EmptyNest, #ForSale, #Home, #HomeInspection, #HomeSale, #HomesForSale, #HouseHunting, #Housing, #Investment, #JustListed, #Listing, #luxuryapartments, #luxurycondos, #manahattancondos, #manhattanapartments, #MillionDollarListing, #Mortgage, #NewHome, #newyorkcity, #Properties, #Property, #Realtor, #Realty, condo, luxury, manhattanrealestate, newconstruction, newdevelopment, nyc, nycrealestate, realestate
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