Completion Time of Multifamily Projects Keeps Getting Longer
Time is money for most businesses, and that is especially true in residential construction. In addition to the rising costs of materials and labor in recent years, the amount of time it takes to complete a multifamily project has also continued to rise.
According to the 2021 Survey of Construction from the Census Bureau, the average length of time to complete construction of a multifamily building — after obtaining authorization — has now risen to 17.5 months.
This authorization-to-completion time has been on an upward trend since 2013. However, the start-to-completion time has remained the same in recent years — evidence that the process of obtaining authorization to begin construction has gotten more burdensome and time consuming.
The average time to build multifamily homes varies significantly by region: The Northeast had the longest time (19.8 months), while the Midwest had the shortest (15.3 months). The number of units in the building is also a significant factor: Buildings with 20 or more units required the most time (19.2 months), compared to 2- to 4-unit buildings which took the least amount of time (14.2 months).
NAHB Economist Na Zhao goes into more detail in this recent article for Eye on Housing.
Latest from NAHBNow
Sep 04, 2025
Open Construction Jobs Rise in JulyRunning counter to the national trend, the number of open construction sector jobs increased from a revised 242,000 level in June to 306,000 in July.
Sep 03, 2025
Project Funding Crisis: How Top Builders Secure Money When Others Can'tRelying solely on a traditional lender is risky in today’s environment. Smart builders line up more than one source of funding. That way, projects stay on track, crews keep working, and reputations stay solid.
Latest Economic News
Sep 03, 2025
Open Construction Jobs Rise in JulyThe count of open, unfilled positions in the construction industry increased in July, per the June Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) as the national labor market cooled.
Sep 03, 2025
House Price Appreciation by State and Metro Area: Second Quarter 2025House price growth continued to slow in the second quarter of 2025, as the housing market faces mounting pressure from high mortgage rates, elevated inventory, and persistent economic uncertainty.
Sep 02, 2025
June Private Residential Construction Spending Edges HigherPrivate residential construction spending inched up 0.1% in June, registering the first monthly gain after six consecutive declines.