Construction Time for US Multifamily Buildings Edged Lower in 2024

The average time to complete construction of a multifamily building after obtaining authorization edged down in 2024, according to the US Census Bureau’s 2024 Survey of Construction (SOC), with analysis by the National Association of Home Builders (NAHB).

It took an average of 19.6 months from permit to completion, about 0.3 months shorter than in 2023. NAHB noted that while timelines remain lengthy, the modest improvement came despite ongoing skilled labor shortages.

Buildings with 20 or more units took the longest to complete at 22.1 months, while 2-to-4-unit structures were finished the fastest at 15.3 months. Mid-sized buildings averaged 19.2 months for 10–19 units and 19.1 months for 5–9 units.

Year-over-year, changes were mixed. Completion times shortened by 2.3 months for 2-to-4-unit buildings but lengthened by 2.3 months for 10–19-unit projects and by 2.2 months for 5–9-unit buildings.

Regionally, the Northeast recorded the longest average duration (23.4 months), followed by the West (19.9 months), South (18.5 months), and Midwest (17.3 months).