Apartment building construction on track to hit record high
September 7, 2023 | Sami Sparber | Axios
New apartment construction is on track to top a 50-year high, with nearly 461,000 units expected to be built across the U.S. this year, according to a new report.
Why it matters: A housing shortage in the U.S. has contributed to the rising cost of both renting and buying.
What’s happening: A surge in new apartment supply — 1.2 million units were completed during the pandemic — helped slow rent growth nationwide, but some parts of the country saw more housing being built than others.
