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.
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