Three-Quarters of Multifamily Construction Firms Are Reporting Delays

Nearly 75% of multifamily builders experienced construction delays from February to March, owing mostly to issues with permitting, entitlement, and professional services, according to recent data from the National Multifamily Housing Council. 

Around 77% of construction firms surveyed reported permitting delays during the period, a decrease from 90% in the previous survey, and 75% experienced delays in starts. After permitting entitlement and professional services issues, economic uncertainty accounted for the most frequently-cited cause of delays at 37% (down from 58% in the previous round). Thirty percent of respondents said delays were the result of starts not being economically feasible at this time, and 21% cited availability of construction financing as a primary driver. A mere 14% cited health and safety concerns.