Multifamily starts are predicted to continue declining in 2010, according to the October 2009 forecast published by the National Association of Home Builders (NAHB).
In particular, it is predicted that US multihousing starts in 2010 will drop to 116,000 units, representing a 2.7% decrease compared to the 120,000 starts predicted for 2009. Note that for 2009 multifamily starts are predicted to post an annual drop of 58%. In 2011, US multifamily starts are predicted to increase by 41.9% to 165,000 units.
Despite the seemingly strong increase, the predicted multihousing starts in 2011 will still be low compared to the number of multihousing starts that were registered in 2008 and 2007.
In particular, the predicted multihousing starts in 2011 will be 42% lower than the 285,000 multifamily units that started in 2008 and by 46% lower than the 306,000 multifamily units started in 2007.
Contrary to the predicted drop in multihousing starts, single family starts are predicted to increase in 2010 by 35% to 600,000 units, following a 27.8% drop in 2009. Single family starts are predicted to continue climbing in 2011 and reach 894,000 units, representing an incease of 49% compared to 2010 multifamily starts.
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