Proposal activity for single-family homes and residential developments plummeted in the third quarter but remained solid for multifamily-for-rent and senior/assisted living properties, according to PSMJ Resources' Quarterly Market Forecast (QMF) survey of architecture, engineering and construction (A/E/C) firm leaders.
David Burstein, PE, director and senior consultant at PSMJ, an A/E/C industry consulting and publishing firm said he's seeing a divergence in the A/E housing markets.
"The home ownership markets – new single-family homes, condos and subdivisions – are feeling the effects of higher interest rates and tighter lending policies," Burstein said. "The rental markets aren't feeling the same pinch, at least not yet."
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