flexiblefullpage - default
Currently Reading

Multifamily Construction is Making a Comeback

Advertisement
billboard - default
Multifamily

Multifamily Construction is Making a Comeback


December 21, 2020
Apartment construction
Photo: Sundry Photography

After months of new single-family construction leading the way, November’s construction starts were boosted primarily by multifamily construction. In November, construction starts were 13% higher compared to last year and increased by 1.2% from October of this year. Building permits also hit their highest pace in 14 years, according to Realtor.com. A recent uptick in construction starts for multifamily projects, such as apartments and condos, leaped 8% while single-family starts were up 0.4%. Permits issued for buildings with five or more units increased almost 23% from October to November as well.

New-home construction activity didn’t grow evenly across all parts of the country. Housing starts surged roughly 59% in the Northeast, driven by the multifamily boom, but fell nearly 5% in the Midwest and 6% in the South. The Midwest and South both experience slowdowns in new construction of single-family homes.

The big picture: America’s building boom is continuing for now — and that’s good news for prospective home buyers. The severe shortage of existing homes for sale has pushed prices higher. As a result, the new-home segment of the market holds renewed importance.

“New home construction stands out as a clear solution to the rising challenge of affordability especially as housing demand is expected to continue to grow,” said Realtor.com senior economists George Ratiu. “However, without a significant supply of new construction, many would-be buyers will be forced to sit on the sideline due to record-high home prices.”

Read More

 

Related Stories

Net Zero

Brooklyn Net Zero Geothermal Apartment Complex Will Be First and Largest in the US

The New York housing complex—the first geothermal project of its kind at this scale—could serve as a blueprint for net zero living

New-Construction Projects

How One Colorado City Paved the Way for In-Demand Affordable Senior Housing

The city of Durango, CO donated 1.5 acres of land for affordable senior housing

New-Construction Projects

A Record Number of Housing Units Were Under Construction in November

Single-family housing starts are declining, but a sharp rise in multifamily construction sent the total share of new housing starts to a record high in November

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category



Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.