Though people are not fleeing cities in mass for the suburbs quite yet, a new report from Moody’s Analytics finds that the pandemic could spur more homeowners and renters to move from big cities to smaller towns. Construction Dive reports this shift may put a pause on multifamily developments in urban centers and instead spark an increase in multifamily construction in the suburbs. Home builders such as the Toll Brothers are already preparing for such trends by keeping a careful eye on where people are headed and halting urban development projects.
The COVID-19 pandemic has intensified a demographic shift that could affect the top markets for multifamily construction for years to come.
A new report from Moody's Analytics finds that the crisis could result in more people moving away from big cities like New York, Los Angeles and Chicago to smaller towns like Madison, Wisconsin, and Durham, North Carolina.
"The generation growing up today may remember the impact of the COVID-19 pandemic and be more likely to opt to live in less densely packed places," Moody's Analytics report author Adam Kamins wrote.
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