NAHB reports that multifamily units under construction is reaching a near 50-year high, and multifamily permit growth is weakening. Single-family housing starts continued to fall in November.

The prospects for continued high levels of multifamily development declined significantly in the third quarter, as did the prospects for continued high occupancy rates, according to results from the Multifamily Market Survey (MMS) released by NAHB.

Total construction starts rose 8% in October to a seasonally adjusted annual rate of $1.12 trillion, according to Dodge Construction Network. In October, nonresidential building starts gained 9%, and nonbuilding starts rose 26%; however, residential starts fell by 3%.

Total construction spending declined by 0.7 percent in August as spending on new houses turned sharply lower, while public and private nonresidential construction posted mixed results, according to an analysis of federal spending data released by the Associated General Contractors of America. 

Total construction starts rose 48% in July to a seasonally adjusted annual rate of $1.36 trillion, according to Dodge Construction Network.

Confidence in the market for new multifamily housing was mixed in the second quarter of 2022, according to results from the Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB).

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During the first six months of the year, the value of commercial and multifamily construction starts in the top 20 metropolitan areas of the U.S. increased 24% from 2021, according to Dodge Construction Network.

New findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) show that the rate of year-over-year single-family construction growth in small and large metro urban, suburban and rural regional submarkets slowed in the first quarter of 2022 compared to the same time period as last year, with notable deceleration in large suburban markets.

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