The total number of multifamily starts in August 2016 were up 2.3% year over year from August 2015, but they decreased by 6.9% month over month, according to Axiometrics' latest Construction Report, based on data from the U.S. Census Bureau. Multifamily permits, meanwhile, were issued at a seasonally adjusted rate of 370,000 for the 12 months ending in August of this year. This figure marks an 8.4% decrease month over month and a 13.1% decrease year over year.
New York, Dallas, and Los Angeles were the top three metropolitan statistical areas for multifamily permits during the 12 months ending August 2016. The top six metro areas on this list are unchanged from 2015, though New York’s permitting has fallen by 51.3% since August 2015, owing to the end of its 421-a tax credit rush.