Multifamily construction lagging, progress still being made

Multifamily construction slowed to start the year.

A post in Multifamily Executive showed that while construction and other aspects of the multifamily industry have struggled through the first part of the year, property management companies still have reasons to be optimistic for the remainder of 2012 when it comes to growth.

The news source explained that a conference from the Associated Builders and Contractors had multiple industry members explain the current state of the industry, and the feelings were mixed, overall.

"The construction sector, unfortunately, is the last major sector left in the economy yet to recover from this downturn we've been through," said Kermit Baker, chief economist for the American Association of Architects, according to the news source.

In addition, the conference explained that home sales had been in poor shape over the past few years, but this is improving as well. Growth is expected to pick up markedly by the end of the year, the news source reported. Also, there should be more people moving into rental setups, which could help the continued decline of vacancy rates, overall.

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