Confidence in the market for new multifamily housing development was in positive territory for the second quarter, though the industry continues to face near-term headwinds regarding new development.
The Multifamily Market Survey released this week by the National Association of Home Builders, which produces two indices, showed the Multifamily Production Index (MPI) at 56 and the Multifamily Occupancy Index (MOI) reading was 89.
The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100. The index and all its components are scaled so that a number above 50 indicates that more respondents report conditions that are good than report conditions that are poor.
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