Notching the highest mark since the second quarter of 2005, the National Association of Home Builders (NAHB) Multifamily Production Index (MPI) rose for the eighth consecutive quarter, from 51 in Q1 2012 to 54 this most recent quarter. Measuring builder and developer sentiment about conditions in the apartment and condominium market, any number above 50 indicates respondents think the market is improving. As MHProNews has learned, NAHB Chief Economist David Crowe says, “Multifamily production has already recovered substantially from a historic low of about 110,000 starts a year in 2009 and 2010 to the current annual rate of a little over 200,000. However, prior to the downturn multifamily starts remained about 300,000 per year for 12 consecutive years, so there is room for further improvement before apartment and condo production return to normal, sustainable levels.”
