Some 84% of multifamily developers reported construction delays in the fourth quarter of 2023 – a slightly lower share than in the previous two quarters, but "consistent with a continued high expectation of construction delays."
This is the conclusion of the National Multifamily Housing Council's December 2023 quarterly survey of apartment construction and development activity.
Among developers affected, 92% reported delays in starts – a sharp increase from the 79% who reported such delays in the third quarter. Economic uncertainty was a primary reason for the construction holds, cited by 83% of respondents – up from the 57% in September. There was a 10% rise to 71% of respondents concerned about the economic feasibility of projects in the quarter. And some 79% of developers continued to worry about the availability of construction financing.
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