Nationwide Trend Continues

WASHINGTON, DC

According to the National Association of Home Builders, multifamily housing activity by the top builders in the country increased in 1997. The multifamily developer's market share of total U.S. housing rose to 27.8%, up from 18.8% the year before. The level of condominium building was down 36%, while rentals were up 47% to a total of 73,170 units. Between 1996 and 1997, all three rental segments-- affordable, market-rate and luxury-- took an upward turn, with the sharpest rise in the luxury category.

In addition, market figures indicate that the amount of money spent on residential fixed investment this year will be slightly higher than last. Residential fixed investment includes the dollar volume of construction of new developments, and improvements to existing structures-- such as landscape, alterations and major additions. NAHB expects this number to slowly climb through 1999.