Apartment Building Permits Spike in October

Posted on December 13, 2021

Construction cranes working at high rise building developmentBoth multifamily building permits and starts were up in October, following a trend of upward momentum seen since the end of the Great Recession, RealPage reported.

The October total (on a seasonally adjusted annual rate) jumped 6.5 percent from September to 528,000 units, according to the U.S. Census Bureau. Permits are up 34 percent from the annual pace from one year ago. Likewise, the pace for multifamily starts increased 6.8 percent in October to 470,000 units, an increase of almost 40 percent from October 2020.

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