Commercial and Multifamily Starts Declined in 5 of the Top 10 Metro Areas in the First Half of 2023
Retrieved on:
Wednesday, July 26, 2023
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Commercial and multifamily starts are comprised of office buildings, stores, hotels, warehouses, commercial garages and multifamily housing.
Key Points:
- Commercial and multifamily starts are comprised of office buildings, stores, hotels, warehouses, commercial garages and multifamily housing.
- Multifamily starts lost 17%, declining to $61 billion, and commercial starts fell 11% to $70 billion.
- In the first half of 2023, across the top 10 metro areas, commercial building starts rose 1% to $27 billion, while multifamily starts fell 21% to $24 billion.
- In Washington, D.C., commercial and multifamily starts in the first half of 2023 were down 43% from the first half of 2022 to $3.1 billion.