Construction Delays in the Apartment Industry Ongoing as Costs Rise
The National Multifamily Housing Council says 97% of apartment developers report experiencing construction delays. Breaking that down, they say that of those experiencing overall delays, 83% reported delays in permitting and 93% reported delays in starts. In addition, they found that 87.5% of developers avoid working in jurisdictions with rent control and 47.9% said they avoid building in a jurisdiction with inclusionary zoning requirements. And just over half reported an increase in labor costs as well.
“Rising costs, construction delays and labor shortages—never mind more regulatory barriers and rampant NIMBYism—are making it more and more difficult to build the housing our country so badly needs…” said Doug Bibby, NMHC President.
Click here to read the full report at the NMHC.
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