Multi-family Construction is driving the market, not only in the Atlanta and Orlando Area, but in the entire Southeastern United States. A recently published article in the Atlanta Magazine has shown three reasons why new multi-family construction is dominating the market. Here is the article:
A Multifamily Recover in New Construction
We should be clear that the numbers for single-family home construction were not necessarily bad. In fact, they were quite good, with starts rising 18.32 percent and permits rising 8.6 percent, both by year-over-year measures.
Even with those numbers, though, it’s currently multifamily’s show in the new construction realm, and these three stats spotlight that better than anything:
•Firstly, there is a verifiable boom happening in multifamily construction; starts are currently at their highest mark since 1987.
•Secondly, multifamily’s share of construction has grown radically. We took at look back at some historical Census Bureau data in Jan. 2002 (before the housing boom truly took over), and found that multifamily made up 17.2 percent of all new construction activity. What was the share last month, you wonder? It was 35.1 percent, more than double.
•Thirdly and finally, we also took a look at the single-family-to-multifamily ratio, meaning how many single-family starts there were for every multifamily start. In Jan. 2002, the ratio was 4.7 to 1, so 4.7 single family to one multifamily; last month, the ratio was 1.8 to 1, less than half what it was 13 years ago.
We’ll be taking a closer look, in the coming days, at how new construction has shifted at the local level, but nationwide, the trend couldn’t be clearer – while single-family wanes, multifamily has picked up the slack, and in a major way.
SWET Construction Group is an industry leader in the construction and renovation of multi-family housing, apartments, condominiums and commercial building throughout the Southeastern United States. We are a company you can build a partnership with and rely on for a quality workmanship and materials.
You can feel confident SWET Construction Group, our experienced team, advanced knowledge of construction, high quality products, on-site management, turn-key solutions and precise estimation, will deliver the results you’re looking for on budget and on time.