June Multifamily Construction Pipeline at Highest Volume Since 1970s

The June Census Bureau residential construction report shows multifamily housing permits and starts have rebounded from last month's declines. YieldPro.com reports June permits were up 28% from June 2021 and 11% over the trailing 12-month average, and housing starts for buildings with five or more units were up 16% from June 2021 and 14% above the trailing 12-month average.

Meanwhile, multifamily housing completions were down 4% from June 2021 and up 8% compared to the trailing 12-month average. The number of multifamily units in the pipeline continued to grow in June, with 841,000 units under construction, a 24% annual increase and the highest number of multifamily housing units under construction since the mid-1970s.

Read more at YieldPro.com.