Things could be worse, but about a third of the 57 projects thathave been approved or are in the planning stage have been delayedor on indefinite hold, according to the report. Also, builderssought permits for 842 units in the third quarter, down from 2,020for the third quarter in 2000.

Still, the reports says, apartment construction seems moregeared to the 5.8% job-growth rate of the past three years ratherthan the 1.4% rate posted in the year ended in September. About16,000 units have received permits, are under construction or arein the lease-up phase. That comes on top of the 4,447 units werecompleted in the third quarter and more are on the way.

Thirty-four properties with a total of 10,443 units were underconstruction in the third quarter and 9,266 of them are to becompleted by September 2002. Most of the construction is in thenortheast, northwest and far northwest submarkets.