NMHC: Pandemic Continues to Impact Multifamily Construction

NMHC: Pandemic Continues to Impact Multifamily Construction

The ongoing COVID-19 pandemic continues to affect multifamily development, according to the latest round of the National Multifamily Housing Council (NMHC) Construction Survey. Conducted between Oct. 6 and Oct. 27, 57% of multifamily developer respondents reported construction delays in the jurisdictions where they operate. Out of this group, 90% reported delays in permitting, which is the greatest share seen in the five survey installments since the end of March.

In addition, of those reporting construction delays, 77% said they are also experiencing delays in starts. Respondents cited the primary reasons for the delays as: waits for permitting, entitlement, and professional services (67%), economic uncertainty (58%), and availability of construction financing (46%).  Read more.