Experts indicate that multifamily starts will hit their highest totals in a few years. But in May, the volatile starts number, which had been moving up 10 to 30 percent, fell. Starts were down 24 percent from April. And year over year, they fell even further, down 32 percent. Overall, May starts were 28 percent below average for the last 20 years, but still remain 8 percent above the 2011 average.
Even more telling could be the permitting data which increased 18 percent from April, making it 46 percent higher than the 2011 average, but still 7 to 10 percent below the 10 and 20 year averages, according to a report from Keefe, Bruyette & Woods (KBW), a New York-based investment banking and security brokerage firm.
Read more...Wacky Multifamily Starts Numbers Continue to Fluctuate - Development - Multifamily Executive Magazine