COVID-19 Pandemic Concerns Cause Weakening in Multi-Family Builder and Developer Confidence in 2020 First Quarter
The survey was conducted during the first part of April, when many of the effects of the pandemic had become apparent.
Confidence in the market for new multi-family housing weakened significantly in the first quarter of 2020, according to results from the Multifamily Market Survey (MMS) released recently by the National Association of Home Builders (NAHB). The survey was conducted during the first part of April, when many of the effects of the pandemic had become apparent.
The MMS produces two separate indices. The Multifamily Production Index (MPI) fell 22 points to 27 compared to the previous quarter, which is the lowest reading since the fourth quarter of 2009. Meanwhile, the Multifamily Vacancy Index (MVI) rose 19 points to 59, with higher numbers indicating more vacancies.