While the value of multifamily starts declined overall, some of the top markets have been holding fairly steady and even saw starts increase last year. In fact, multifamily was the main driver of construction activity in York City last year, increasing 9% from the year before. Washington, D.C., experienced a 1% decline in the value of multifamily starts but fared well given the national decline of 5%.
When compared to the decrease in multifamily starts in other major metros like Los Angeles (-14%), Boston (-36%), Miami (-11%), Dallas (-25%) and Atlanta (-13%), The New York City and Washington, D.C. metros are downright hot.
