Multifamily Construction Continues to Grow Faster in Lower Density Population Areas

In a deeper dive into the latest analysis of the National Association Home Building Geography Index (HBGI), single-family construction was shown to be growing at a faster pace in regions with lower population density. While the COVID-19 pandemic added to the momentum, multifamily residential construction has been on the same path and intensifying since 2019, but with roots as far back as 2016. Both dates well before the onset of the health crisis. In the past year, apartment construction growth in less dense markets has outpaced expansion in larger metropolitan areas, leading to changes in apartment construction market share.