Multi family construction is collapsing
As you’ve heard here MANY times, the pace of multi family construction is collapsing. In January, shovels in the ground to build an apartment building on a per unit basis fell to just 327k, the least since early 2019, not including the lockdowns. This compares to an average of 472k in 2023 and vs 547k in 2022. Single family starts slowed to a hair above 1mm homes, a 3 month low but still the 3rd straight month above 1mm.
Permits for multi family fell to 455k from 494k and that is the least since October 2018 also not including Covid. Permits for single family homes did tick up by 16k m/o/m and above 1mm for the 1st time since May 2022.
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