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Multifamily Fuels Residential-Construction Lift
Commercial real estate’s multifamily boom is certainly not over, at least from a development standpoint.
This is evidenced by an 18.3-percent increase in multifamily construction starts during September over the previous month, according to U.S. Commerce Department figures. This boosted overall residential construction, including single-family homes, to a 6.5-percent hike during the month. New housing-unit starts in September totaled 1.21 million, which was more than the 1.15 million previously predicted by economists.
The multifamily construction gains are taking place despite a slowing U.S. economy. Third quarter results saw economic growth rising just 1.5 percent, compared to 3.9 percent in the previous quarter.
- ◦Economy
- ◦Development
