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NMHC Survey Finds Construction Delays and Higher Costs Persist

The National Multifamily Housing Council’s latest Construction Survey found that 90% of respondents reported construction delays, with 78% of the group reporting delays in permitting and 86% experiencing start delays. Notably, an increasing share of respondents report delayed starts due to a lack of availability in construction financing—up from 7% of respondents in March, to 15% in June and 31% in this survey. 

With construction delays a constant, costs continue to rise with 76% of respondents experiencing price increases in projects, at an average rate of 9%. A bright spot is that lumber prices appear to be decreasing: on average, they declined for a second straight quarter, dropping 2% over the past three months. 

“The nation is facing extraordinary housing affordability challenges in the wake of the pandemic,” said NMHC president Doug Bibby. “Costs are up across the board and projects are taking longer and longer to complete. Lawmakers at all levels of government should look at every policy option available to them to reform antiquated zoning, streamline the development process and incentivize the building of new housing of all types and at all prices points.” 

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About Paul Bubny

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).

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