Multifamily Developer Confidence at All-Time High

From Floor Covering Weekly:

Production of apartments and condominiums gained momentum in the second quarter of 2013, according to the latest Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB). The index increased nine points to 61, which is the highest reading since its inception in 2003…

“Multifamily developer confidence is currently at an all-time high according to our survey results, and we expect to see that continue for the foreseeable future,” said W. Dean Henry, chairman of NAHB’s Multifamily Leadership Board. “Much of the consumer demand that we are now seeing is coming from a large generation of young people who are able to find jobs and establish their own households as the economy continues to improve.”

“The apartment and condo sector continues to expand production,” said NAHB chief economist David Crowe. “This increased level of activity is needed to meet current demand and to compensate for a serious lack of new units developed during the housing downturn.”

(h/t to Matt Ketterman for sending us a link to the article)