The slow pace of construction, crew shortages and construction bans that came with COVID-19 has cut apartment construction by 12%, according to a new report.
There are 283,000 new apartment units expected to hit the market this year, which is much less than a peak in 2018, said the report by RENTCafe Blog.
The downward trend is beginning to mirror the hit from the 2008 economic recession, according to the article by Florentina Sarac, "Apartment Construction in 2020 at 5-Year Low Nationally, Down 12% from Previous year."
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Angela Morris
Angela Morris is ALM Media's Texas litigation reporter. She covers lawsuits in all levels of Texas state and federal courts. Based in Austin, Morris earned journalism and government degrees from the University of Texas at Austin in 2006, and since then, has worked primarily as a reporter and writer, but also has skills in videography, photography and podcasts. Follow her on Twitter at @AMorrisReports.
