Multifamily starts dropped an incredible 41.6% from April’s revised figure to 284,000 units in May, according to the latest data release from the U.S. Census Bureau and the Department of Housing and Urban Development. That annualized figure is also down 12.3% from last May.
Annualized multifamily starts increased sharply in the small Northeast region (up 70.5% to 56,000 units) and were up 38.7% in the Midwest region to 58,000 units. The South region’s multifamily starts decreased 51.3% to 81,000 units, while the West region saw starts increase modestly (7.6%) to 88,000 units.
Source: RealPage
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