How Multifamily Construction Trended in 2022
Despite rising costs and construction issues, multifamily housing starts first through third quarter 2022 were strong—nearly 1.1 million units were under construction in the U.S. as of the third quarter. In the top 30 markets, construction increased in 13 markets, remained virtually flat in three metros, and decreased in 14 starts. Phoenix had the smallest decrease of the laggards, stumbling overall with 10.4 percent fewer starts. Granted, that was the lowest drop among the laggards, and Phoenix saw the largest number of overall starts in the first three quarters of 2022, with a nice rebound in the third after a steep dip in Q2.
Source: https://www.multihousingnews.com/how-multifamily-construction-trended-in-2022/