Contrary to what the US Census Bureau recently reported, multifamily construction starts have probably fallen considerably more than the 12% it cited, according to RealPage chief economist Jay Parsons in a new research blog.
Parsons suggests that the drop is closer to 40%, and he gives several reasons, including that private sector data from RealPage and others have reported "sharp" drops.
"These sources track individual products from planned to completion, whereas the Census surveys only a small sample of permit-holders to ask if they've started," according to Parsons.
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