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.
Strong demand is still keeping multifamily developers fairly optimistic in many parts of the country, but high construction costs and their impact on affordability are making some developers increasingly cautious, NAHB said.
The February pace for apartment construction was the best since January 2020 and NAHB said the multifamily sector should to continue to show strength as the economy reopens.