Double-digit drops in both groundbreakings and permitting for apartment properties brought these metrics down overall, according to federal data released Wednesday
By Paul Bubny | GlobSt.com
WASHINGTON, DC—A sharp drop in construction starts for multifamily properties brought groundbreakings overall down by 4.8% during July, according to data released Wednesday by the Census Bureau and the Department of Housing and Urban Development. The 15.3% seasonally adjusted monthly drop in starts for buildings with five or more units continued a deteriorating trend in multifamily construction and compared with a 0.5% decline in single-family starts.
Other metrics in the July residential construction data also pointed to weakness in multifamily. Year-over-year, groundbreakings on apartment properties are off 35.2%.
