The Multifamily Production Index (MPI) of the National Association of Home Builders (NAHB) hit 54 in the third quarter, seven points less than the second quarter but the seventh consecutive rating above 50. The MPI measures construction of low-rent units, market-rate rental units and condominiums, where a number above 50 indicates builders consider market conditions good rather than poor. MHProNews has learned NAHB’s vacancy index continues to indicate fewer vacancies. NAHB Chief Economist David Crowe says, “The multifamily industry has recovered significantly from its trough in 2009 and is getting close to reaching equilibrium. NAHB’s forecast calls for continued improvement through 2015, but at a decreasing rate.”

(Photo credit: apartmentquest)