Mar
20
Multifamily Starts Above Pre-Recession Levels
ByMultifamily starts have been on an upward growth trend for some time now, in concert with increasing demand.
Housing starts as a whole were up more than expected in February, according to a report this week from the Census Bureau. Within total residential starts, multifamily was up too, coming in at 341,000 units started on an annualized basis. That’s about 19 percent higher than the same month last year.
Multifamily construction is notoriously volatile, so one month isn’t particularly indicative. Yet multifamily starts (year-over-year) have been on an upward growth trend for some time now, in concert with increasing demand. The current level is not only a sign of full recovery from the trough of the recession, it’s above multifamily starts in the years before the recession, which tended to hover around 300,000 annualized units from the late 1990s to the late 2000s…
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