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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.