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NMHC: Multifamily Developers Report Increased Delays Due to COVID-19
The Washington D.C.-based National Multifamily Housing Council (NMHC) has reported that more than half (53%) of multifamily developer respondents reported construction delays, according to the NMHC’s COVID-19 Construction Survey.
Of the respondents experiencing delays, 85% reported delays in permitting due to COVID-19, up from 77% in round two of the survey, which was conducted April 9-14, and 76% in the initial survey conducted March 27-April 1.
Respondents reporting construction delays also indicated a significant pause in starts, with 78% reporting delays, up eight percentage points from the end of last month, and 19 percentage points from the first round. Additional findings of the survey included that only 29 percent of respondents reported being impacted by a lack of materials, and the number of respondents experiencing price increases in materials jumped to 17 percent from five percent and four percent, respectively.
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