A remarkable 90% of survey respondents reported construction delays, according to National Multifamily Housing Council's monthly construction survey released Sept. 29, with permitting and start delays being the main culprits.
A lack of availability in construction financing is also a rising concern —with 31% citing that challenge, compared to 7% who said so in March and 15% in June.
Costs remain on the rise with 76% of respondents experiencing price increases in projects, at an average rate of 9%. Labor costs are up according to 21% of respondents indicating they have risen "more than expected over the past 3 months.
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