A new report from Bloomberg show’s the production of apartments at a 50-year high. Possibility of easing housing costs.
A new report from Bloomberg shows US apartment production at a 50-year high. Since the beginning of 2022, approximately 420,000 units have been finished. This marks the second year in a row production topped 400,000; a feat not seen since the early 1970s. Some analysts predict the new building boom may bring down the cost of housing, but not in the immediate term.
According to Rent Cafe, most of the new production has been focused in the sun belt cities with a handful of outliers. No jurisdiction in Maryland made the top 20 cities for new apartment production, but neighboring Washington D.C. ranked 9th in the nation with 12,176 new units.
Longtime readers of Conduit Street will know that the conversation around housing has been hot recently. An entire panel was dedicated to the topic of affordable housing solutions at MACo’s 2022 Summer Conference. Counties leaders anticipate housing to be a major topic during the 2023 legislative session and stand ready to be a constructive partner in driving solutions. Maryland’s counties play a unique and critical role in public service delivery and managing growth. No level of government can solve the affordable housing crisis alone; MACo stands ready to work with all stakeholders to help encourage homeownership and drive the production of more affordable housing.