The Census Bureau estimates that 255,600 multifamily housing units were completed in 2014 in buildings with at least five or more units, representing a 37.3% increase over the previous year and the highest total in those multi-unit structures since 2009.
And now an analysis of Census data by the National Association of Home Builders finds that, over the past five years, the number of completions in buildings with 50 or more units has continued to climb to where it hit 48% of total completions last year.
NAHB economist Robert Dietz notes that this trend toward larger multifamily buildings has been evident since 1996 (see chart below), after reaching a data series low of 8% in 1994 and 1995, and retrenching in 2009 and 2010 as a result of the housing recession.
Dietz also observes that completions in buildings with 20 or more units have been “well above” 50% since 2001, and accounted for 83% of the total last year.
Conversely, multifamily completions in units with nine or fewer units accounted for a relatively insignificant share of total construction last year. This would suggest that Census might need to rethink how it publicly reports its housing data, which to this point only show starts and completions for buildings with “five or more” units.
It’s worth noting, however, that multifamily construction activity in general appears to be peaking. For August, Census’s preliminary estimate for annualized completions in structures with five units or more stood at 283,000, up 0.4% from August 2014. And multifamily starts were actually down by 2.3% to 381,000.
Related Stories
Multifamily Housing | Apr 19, 2023
Austin’s historic Rainey Street welcomes a new neighbor: a 48-story mixed-used residential tower
Austin’s historic Rainey Street is welcoming a new neighbor. The Paseo, a 48-story mixed-used residential tower, will bring 557 apartments and two levels of retail to the popular Austin entertainment district, known for houses that have been converted into bungalow bars and restaurants.
Multifamily Housing | Apr 17, 2023
World's largest multifamily building pursuing ILFI Zero Carbon certification under construction in Washington, D.C.
The Douglass, in Washington, D.C.’s Ward 8, is currently the largest multifamily housing project to pursue Zero Carbon Certification from the International Living Future Institute (ILFI).
Sponsored | Multifamily Housing | Apr 12, 2023
With affordability and innovation for all: Multifamily housing ideas break barriers
With a growing need for multifamily housing solutions at all income levels, the U.S. market is seeing a proliferation of inventive projects. Alongside the creativity is a nascent move toward higher quality, if not always larger unit sizes, with offerings of better amenities both inside and outside today’s latest residential solutions.
Urban Planning | Apr 12, 2023
Watch: Trends in urban design for 2023, with James Corner Field Operations
Isabel Castilla, a Principal Designer with the landscape architecture firm James Corner Field Operations, discusses recent changes in clients' priorities about urban design, with a focus on her firm's recent projects.
Market Data | Apr 11, 2023
Construction crane count reaches all-time high in Q1 2023
Toronto, Seattle, Los Angeles, and Denver top the list of U.S/Canadian cities with the greatest number of fixed cranes on construction sites, according to Rider Levett Bucknall's RLB Crane Index for North America for Q1 2023.
Contractors | Apr 10, 2023
What makes prefabrication work? Factors every construction project should consider
There are many factors requiring careful consideration when determining whether a project is a good fit for prefabrication. JE Dunn’s Brian Burkett breaks down the most important considerations.
Affordable Housing | Apr 7, 2023
Florida’s affordable housing law expected to fuel multifamily residential projects
Florida Gov. Ron DeSantis recently signed into law affordable housing legislation that includes $711 million for housing programs and tax breaks for developers. The new law will supersede local governments’ zoning, density, and height requirements.
Multifamily Housing | Apr 4, 2023
Acing your multifamily housing amenities for the modern renter
Eighty-seven percent of residents consider amenities when signing or renewing a lease. Here are three essential amenity areas to focus on, according to market research and trends.
Resiliency | Apr 4, 2023
New bill would limit housing sprawl in fire- and flood-prone areas of California
A new bill in the California Assembly would limit housing sprawl in fire- and flood-prone areas across the state. For the last several decades, new housing has spread to more remote areas of the Golden State.
Multifamily Housing | Mar 31, 2023
EV charging stations in multifamily housing
Ryan Gram, PE, EV Charging Practice Leader at engineering firm Kimley-Horn, provides expert advice about the "business side" of installing EV charging stations in apartment and mixed-use communities. Gram speaks with BD+C Executive Editor Robert Cassidy.
