Construction of multifamily dwellings typically is strongest in large cities, but economists at the National Association of Home Builders sliced and diced second quarter data from its Home Building Geography Index and found that new permits for building apartments declined in large metros while increasing in small markets.
Previously, the NAHB reported that single-family housing construction during the second quarter also gained in the exburbs and rural areas.
Core and outlying counties of small metro areas showed growth in multifamily residential construction in the second quarter of 2019 of 7.4% and 8.6%, respectively. Exurbs posted growth of 15.5%, which made them the fastest growing region of permit activity by the end of the first half of the year. Compared to this time last year, though, exurbs posted a decline of 17.4%.
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