A new report from the National Association of Home Builders has shown the average length of time it takes to complete construction of a multifamily dwelling was 19.9 months in 2023.
The NAHB findings draw from the 2023 Survey of Construction (SOC) from the U.S. Census Bureau, which also notes that buildings of more than 20 units took a longer (22 months) time on average to complete. (Projects of the same size took an average of 19 months to complete before the pandemic.)
Some potential factors could be lagging supply chain issues and lack of construction labor nationwide. According to data from the latest Census Bureau report on the housing market, "Privately-owned housing completions in August were at a seasonally adjusted annual rate of 1,788,000."
The reporting can be compared to the latest Dodge Construction Network construction starts data here.
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