Starts of new multifamily apartment buildings in 2024 have fallen dramatically to 2013 levels, according to an analysis of data taken from HUD and the U.S. Census Bureau from the Texas-based Madera Residential. Nationwide, there were a total of 804,000 units under construction by the end of October.
This represents a 19.2% year-over-year decline. The starts-to-completions gap is now the largest its been since 1974, says Madera's Jay Parsons. Overall housing starts were however shown to decrease only slightly to a seasonally adjusted annual rate of 1.3 million in October. (h/t Construction Dive)
A snapshot of 2023's residential construction data from HUD and the U.S. Census Bureau can also be found here.
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