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NMHC Survey: COVID-Related Construction Delays Persist Nationwide
More than half (57%) of multifamily developer respondents reported construction delays in the jurisdictions where they operate, according to the results of the most recent National Multifamily Housing Council (NMHC) Construction Survey, released November 5.
Of the respondents that reported delays, 90% attributed the slowdown to the ongoing COVID-19 pandemic. Respondents to the survey reporting construction delays also indicated a significant pause in starts, with 77% reporting delays. The primary reasons cited for delays in starts were permitting, entitlement and professional services (67%); economic uncertainty (58%) and availability of construction financing (46%).
Other issues impacting respondents included a lack of materials (80%) and price increases in materials (82%). Of those respondents who saw price increases for materials, 38% reported price increases of over 20 percent for those materials most impacted.
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