This graph from Calculated Risk shows the construction volume of multi-family housing in the U.S. for the past 50 years. Towers of ilium finds a few things interesting:
-The boom years of multi-family construction coincided with the boom years of single family construction. This pattern was solid until the late 90's through the housing crash of 2008. The rebound following the crash actually outpaced single family starts.
-The recent peak--and what could be a mild decline--points to recession territory. Why the decline? Slack demand or onerous development costs?
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