Nearly all multifamily developers are being hampered by materials shortages and price increases, reports the eighth edition of the National Multifamily Housing Council (NMHC) Construction Survey from a poll taken August 25th to September 17th.
Ninety-eight percent of respondents reported being impacted by a lack of materials, the highest share recorded since the survey began while 100% of respondents reported price increases in materials for the second consecutive round.
The average firm experienced a 13% price increase over the past three months for its most impacted materials. However, lumber costs were down by 24% on average over the last three months after the surge during the pandemic.
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