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.
A new study from the National Association of Realtors – Housing Wealth Gains for the Rising Middle-Class Markets – examines the distribution of housing wealth between 2010 and 2020 across income groups and in 917 metropolitan or micropolitan areas.
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 growth in all small and large metro urban, suburban and rural regional submarkets peaked in the second quarter of 2021. In contrast, multifamily growth in all of these markets has been surging since the second quarter as some housing demand returned back to higher density markets.
The pandemic has made people rethink how they live in their homes, and that’s reflected in the creative niches, attention to detail and quality, and general warmth.
Prices of construction materials jumped more than 20 percent from January 2021 to January 2022, according to an analysis of government data by the Associated General Contractors of America.
Builder sentiment continued to slip in February as the industry grapples with ongoing building material production bottlenecks that are raising construction costs and delaying projects.
AHF is primed to benefit from strong outlooks in residential repair and remodel spend and new residential housing construction, driven by an aging housing stock, record home equity levels, and a severe inventory shortage from years of underbuilding.
Building material costs are up 21% compared to a year ago and persistent supply chain bottlenecks remain the most urgent challenge for builders this year.
