A new report from the National Multifamily Housing Council presents a mixed report on the state of multifamily construction in the U.S. On the one hand, fewer delays are being experienced on the projects that are underway. On the other hand, fewer projects are being undertaken, with 37% fewer starts between 2Q 2023 and 2Q 2024, according to the Census Bureau.

The NMHC's just released quarterly survey of construction and development activity for 3Q 2024 was conducted from September 3-17 and received responses from 29 leading companies.

Of these, 52% reported construction delays during the quarter – a figure well below the 84% reported in December, the 81% reported in March, and the 70% reported in June. The worst affected regions were the Rockies, Texas, and the Southeast. Delays in permitting caused 87% of the holdups, and 80% were due to late starts.