Results from the March 2026 NMHC Quarterly Survey of Apartment Construction & Development Activity suggest moderate signs of improvement in the multifamily construction market, the National Multifamily Housing Council announced. Specifically, survey respondents reported the following:
- An increase in starts: Thirty-one percent of respondents said they are starting more projects than they were three months ago compared to 12% who said they were starting fewer projects, and 48% who reported starts to be unchanged;
- Fewer delays: Thirty-one percent of respondents reported fewer construction delays compared to three months ago, while just 2% reported more delays and 60% thought delays were relatively unchanged; and
- Lower costs: Just 5% of respondents thought that the cost of construction labor increased in real terms, and 10% thought the cost of construction materials increased since December.
“This month’s survey results suggest that we may finally be seeing multifamily construction activity stabilize or even pick up modestly after three years of decreasing starts,” said NMHC senior director of research and chief economist Chris Bruen. “However, the lower costs for labor and materials being reported are likely a result of construction activity being so depressed; a more substantial increase in multifamily development could start to put pressure on supply chains and a labor market diminished from lower immigration.”
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