The latest Multifamily Production Index (MPI) released by the National Association of Home Builders (NAHB) reports production of apartments and condominiums rose three points in the first quarter to 53, marking the ninth consecutive quarter with a reading of 50 or above. The MPI is derived from three key elements of the multifamily housing market as determined by builder and developer sentiment: Construction of market-rate rentals, low-rent units and condominiums. The Multifamily Vacancy Index (MVI), which measures the industry’s perception of vacancies, fell one point to 37, indicating fewer vacancies, as MHProNews.com has been informed. “The MPI shows stable production of apartments and condos, which is what our forecast calls for,” said NAHB Chief Economist David Crowe. “In 2014, we expect multifamily starts to grow about 6 percent over 2013, to about 326,000 units.” ##
