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Key Points:
The total number of units under construction in buildings with 5 or more units has fallen by 28% from peak levels seen in 2023.
- 5+ unit starts were estimated at a 470K annualized rate in July 2025.
- While starts have fallen sharply from 2022, they are currently at the higher end of the pre-pandemic range.
Multifamily (5+ Unit) Construction Trends
Through July, year-to-date single-family housing permit issuance is down by 2.5% nationally on a valuation basis, though there is significant variation in issuance across states.
- Issuance has generally slowed across southern and western states, while issuance has accelerated across much of the Midwest and Northeast.
2025 vs. 2024 Single-Family Permit Issuance (Valuation Basis, Permits Issued Year-to-Date)
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