- by New Deal democrat
As an initial note, there is no economic news today, and for obvious reasons there won’t be on Thursday or Friday either, so don’t be surprised if I take a couple of days off as well.
the amount of time it takes to complete a multifamily project has also continued to rise.
According to the 2021 Survey of Construction from the Census Bureau, the average length of time to complete construction of a multifamily building — after obtaining authorization — has now risen to 17.5 months.
This authorization-to-completion time has been on an upward trend since 2013. However, the start-to-completion time has remained the same in recent years — evidence that the process of obtaining authorization to begin construction has gotten more burdensome and time consuming.
The average time to build multifamily homes varies significantly by region: The Northeast had the longest time (19.8 months), while the Midwest had the shortest (15.3 months). The number of units in the building is also a significant factor: Buildings with 20 or more units required the most time (19.2 months), compared to 2- to 4-unit buildings which took the least amount of time (14.2 months).