The Construction Timelines, February 2023 Research Report provides an overview of the current state of the apartment construction industry in the United States. Before the pandemic, the average construction time for a multifamily housing unit ranged from 16 to 23 months. However, starting as early as April 2020, roughly two-thirds of contractors surveyed began reporting project delays due to COVID-19. As of the first quarter of 2023, the average timeline for construction is between 23 and 32 months, so experts predict that not every project slated for completion in 2023 will be finished come year-end.
Construction Timelines, February 2023 Research Report
The report highlights the significant impact of COVID-19 on the construction timeline and identifies labor and material shortages as the main challenges that apartment developers face. Additionally, the report outlines the trends in apartment construction across various markets in the United States. The report concludes that while construction timelines are slowly improving, there is still a long road ahead for the industry to fully recover from the pandemic’s impact.
Download the full report for more insights into multifamily construction timelines.