NMHC: Developers See Uptick in Delays on Construction Starts
The percentage of apartment developers reporting construction delays remained essentially the same in the second iteration of the National Multifamily Housing Council’s (NMHC) Construction Survey: 56%, compared to 55% in the April 3 survey. The survey is intended to gauge the magnitude of COVID-19’s disruption to multifamily construction.
However, NMHC cited a meaningful change in the percentage of respondents reporting delays in construction starts, portending potential for the pandemic to further exacerbate the nation’s affordable housing shortage. Of those reporting construction delays, 70% experienced delays in starts, up 11 percentage points from two weeks ago.
As the outbreak continues, firms are becoming more adaptive in their strategies. Seventy-five percent of respondents have implemented new policies to deal with the hurdles forming in the virus’s wake. Many have implemented more than one approach.
NMHC said it would conduct this survey on an ongoing basis for the foreseeable future.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).