Apartment Completions Rising
…the market. Since the first quarter of 2022, completions have been above 75,000 for eight consecutive quarters, as seen in the graph below. Additionally, SOMA reports absorption rates within six-months,…
…the market. Since the first quarter of 2022, completions have been above 75,000 for eight consecutive quarters, as seen in the graph below. Additionally, SOMA reports absorption rates within six-months,…
…data, 64.7% of new single-family homes started in 2023 had two full bathrooms, 23.8% had three full bathrooms, 6.9% had 4 or more full bathrooms, and only 4.6% had one…
…force exceeds 11.7 million, just slightly below the housing boom peak of 12 million. Construction trades (such as carpenters, electricians, painters, plumbers, laborers, as well as first-line supervisors) account for…
…support industries and professions including, among others, trade contractors, manufacturers, retailers/distributors, designers, and architects. Of the 69,645 associate members, 45% are primarily subcontractor/specialty trade contractors, 11% have a professional specialty,…
…an existing home. Rounding out the least burdened markets are: • Cumberland, Md.-W.Va. (17%) • Springfield, Ill. (18%) • Elmira, N.Y. (18%) • Peoria, Ill. (19%) • Binghamton, N.Y. (tied…
…and $999,999, 47% between $1.0 and $4.9 million, 8% between $5.0 and $9.9 million, 2% between $10.0 million and $14.9 million, and another 2% reported $15.0 million or more. None…
…rate. However, on a year-to-date basis, single-family starts are up 11.4%. The multifamily sector, which includes apartment buildings and condos, increased 14.5% to an annualized 387,000 pace. The decline in…