Over the last three years, Covid-19 extended the timeline for residential and commercial real estate projects to be completed–and its aftereffects continue to slow momentum. The multifamily housing category has been no exception. 

Part of the reason for the slowdown has been a shortage of workers; another, the shortage of materials. And though such pandemic challenges have waned, they're far from over. This is now causing a shift in thinking that it may take longer for new housing to be completed and absorbed and at different rates depending on individual real estate market trends, according to a recent report from Cushman & Wakefield.

The U.S. Census Bureau reported that 926,000 units were under construction at the end of last year, higher than at any time since at least 1970. That's also twice as many as the number that preceded the Great Recession. Nearly 60% of markets have more than three years of supply underway, leading to more projects being delivered in the near term, even if not immediately. Before they undertake more construction, developers might weigh how much more inventory is needed in their area given the numbers and the possibility of a recession, a widely debated topic.