Article source: ConstructConnect
In the Big Apple, 81% of New Home Starts are Multiples
There are 50-plus U.S. metro statistical areas with populations of more than one million. In most those cities, single-family housing starts still account for a larger share of total unit starts than multiples. (The latter are mostly to be found in condo and apartment towers.)
But in the biggest 15 cities, by population, more than half have multi-unit starts that exceed single-family starts. In other words, their number of units from multiples is now greater than 50% of their total number of units.
The statistics are based on residential building permits, but it is generally accepted by the analytics community that the words ‘permits’ and ‘starts’ can be used interchangeably.
Last year, in America’s three most populous cities, the shares of total units made up of multiples were as follows: New York, 81%; Los Angeles, 69%; and Chicago, 58%.
By the way, the Big Apple with a multiples-to-total ratio of 81% is, by far, the city in the U.S. with the most intense high-rise residential construction.
