Home became everything when stay-at-home orders were issued in the spring due to the COVID-19 pandemic, and Americans’ attitudes about their present and future home needs continue to transform in the months since then.
Confidence in the multifamily housing market continued to recover from its 1st quarter trough, with the Multifamily Production Index (MPI) rising to 48 in the third quarter (up from 37 in the second quarter and 27 in the first quarter), according to the National Association of Homebuilders’ Multifamily Market Survey.
US contractor Link Construction, based in Shakopee, Minnesota, cut the construction time of two new homes by three weeks by using one Potain Igo MA 21 self-erecting crane which could reach the entire jobsite.
Single-family starts experienced continued gains in October, according to data from the U.S. Department of Housing and Urban Development and the Census Bureau. Single-family construction is up 8.6% year-to-date, with notable gains in 2020 for the Midwest and other lower-density markets.
Record-low mortgage rates were not enough to offset inventory shortages and rising home prices as housing affordability continued to decline in the third quarter of 2020, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).
A second wave of business impacts from COVID-19 is reverberating through construction contractors’ operations, and those consequences are getting worse as the pandemic wears on, according to the latest survey results from the Associated General Contractors of America (AGC).
Data from the 2019 Census Bureau Survey of Construction (SOC) show a gain for the number of multifamily units built in smaller properties, reversing a trend that favored larger buildings over recent years.