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
Fire and Life Safety | Jun 22, 2017
After testing, seven tower blocks found to have similar cladding as Grenfell Tower
These blocks will undergo further testing to determine if they are safe.
Multifamily Housing | Jun 20, 2017
Coliving apartments look to fill affordability and availability gaps for urban workers
One provider, Common, emphasizes community in its buildings.
Market Data | Jun 16, 2017
Residential construction was strong, but not enough, in 2016
The Joint Center for Housing Studies’ latest report expects minorities and millennials to account for the lion’s share of household formations through 2035.
Multifamily Housing | Jun 7, 2017
Jersey Strong: Local suppliers step in to help renovate a homeless shelter in the Garden State
American Standard and Philips Lighting donate products and manpower.
Resiliency | Jun 7, 2017
New disaster-resilient infrastructure building and upgrades hope to keep Haven Plaza up and running
The affordable housing complex was hit hard during Hurricane Sandy, leaving residents without electricity or water.
Multifamily Housing | Jun 7, 2017
Multifamily visionary: The life and work of architect David Baker
For 35 years, architect David Baker has been a spirited voice for affordable housing, in San Francisco and beyond.
Wood | Jun 6, 2017
Shigeru Ban-designed residential structure poised to become world’s tallest hybrid timber building
The wood, concrete, and glass building will rise approximately 233 feet when finished.
Multifamily Housing | May 25, 2017
Luxury residential tower is newest planned addition to The Star in Frisco
The building will be within walking distance to the Dallas Cowboys World Headquarters.
Multifamily Housing | May 22, 2017
Zaha Hadid Architects residential development takes a page from a classic Bradbury tale
The buildings are on an elevated platform and the surrounding walkways are suspended so as not to disturb the surrounding ecosystems.