Multifamily Construction Deals Reprice Amid Ongoing Delays

A majority of builders—a whopping 89%—are experiencing construction delays that are hampering homebuilding as the nation’s housing demand surges. 

The new Construction Quarterly Survey by the National Multifamily Housing Council also found that of those experiencing overall delays, 85% reported delays in both starts and permitting. In a statement announcing the findings, NHMC noted that the problems that first originated during the onset of the pandemic—namely, supply chain problems, materials and labor shortages, and permitting and entitlement delays—continue to plague the industry, and it called for federal officials to step in. “Our nation is currently facing deep housing affordability challenges that can only be addressed through building new homes. Yet, rising costs, permitting delays and a lack of labor are making it increasingly difficult to develop housing of all types,” said Doug Bibby, NMHC President. “Lawmakers at all levels of government need to acknowledge this crisis and work with industry leaders to curb cost increases, streamline permitting and resolve supply chain hurdles.”