In the survey that covered 60 leading multifamily construction and development firms, only 24% reported starting more projects.
Cost pressure is becoming a more significant factor. 22 percent said labor costs had risen faster than inflation, versus 8% in June, while 33% said material costs were outpacing inflation.
Half of respondents said they had repriced developments that had been on hold for three to six months.
To read the full findings from the survey, as well as download the full data spreadsheet, visit NMHC here.
This piece was created with the help of generative AI tools and edited by our content team for clarity and accuracy.
