A majority of multifamily developers are struggling with project delays related to financing, material price increases and permitting, according to a new NMHC survey.
Ninety percent of respondents reported construction delays, with 78% of this group reporting delays in permitting and 86% experiencing start delays.
The cost of materials remains on the rise, with 76% of respondents to the quarterly construction survey experiencing price increases in projects, at an average rate of 9%. One bright spot is that lumber prices, on average, declined for a second straight quarter, dropping 2% over the last three months.
