In a recent Home Building Geography Index (HBGI) released by the National Association of Home Builders (NAHB), residential construction has shifted its focus towards the suburbs and lower-cost markets, especially in the multifamily construction market.

 
In the second quarter of 2021, multifamily construction posted double-digit percentage gains within the small metro and suburban areas. Meanwhile, large metro areas saw a decrease in multifamily building activity.

"There was a marked increase in new apartment construction outside large metro areas as people have greater flexibility to live and work in more affordable markets," said NAHB Chief Economist Robert Dietz. "Similarly, for the single-family sector, the HBGI data revealed that construction growth occurred more proportionally in these more affordable areas as well, while declining in terms of market share in the most expensive counties. However, overall single-family starts have slowed in recent months largely because of rising prices and limited availability of a broad range of key building materials."

The HBGI depicts multifamily construction growth in the second quarter by 14.3 percent in small metro urban areas and 25.5 percent growth in small metro suburban locations, while large metros recorded a 0.5 percent decline.

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