How lumber prices continue to slow apartment construction

Overall, about 89% of respondents reported construction delays, and of those experiencing overall delays, 85% experienced delays in both starts and permits.

Despite the delays, US housing starts were up by 6.8% year over year to a seasonally adjusted rate of 1.77 million units in February, according to the Census Bureau. Single-family starts rose 5.7% to 1.22 million units, and multifamily starts increased 9.3% to 501,000 units.

“Our nation is currently facing deep housing affordability challenges that can only be addressed through building new homes. Yet, rising costs, permitting delays and a lack of labor are making it increasingly difficult to develop housing of all types,” said NMHC president Doug Bibby. “Lawmakers at all levels of government need to acknowledge this crisis and work with industry leaders to curb cost increases, streamline permitting and resolve supply chain hurdles.”