A New Update Regarding Construction

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A wood-framed building going up. “In the very beginning, the most commonly cited one was elevator parts, because they are manufactured in Italy. That has not been noted in any of the more recent surveys though.”  At the beginning of the pandemic, any materials coming out of Europe or Asia were in great demand, but things are not as troublesome as they once were. Cino noted that the latest report showed lumber prices have most likely peaked, and the supply chain is more robust. However, appliances across the board are harder to come by, especially refrigerators.  “These may be related to manufacturing shutdowns, or miscalculations in just how robust construction would remain throughout this period,” she said. Construction in the D.C. multifamily sector isn’t much different than what NMHC is reporting nationally, and what’s going on is more urban core vs. suburbs, according to Walter. The recent presidential election and the upcoming change in administration will most likely have some impact on what’s ahead.  “We’ve been talking about the need for a new relief package in the housing space for a lot of reasons, and we look forward to working with a new Congress and administration,” Cino article source said. “As we get into this next policy-making phase, we need to focus on how to drive investment to multifamily development and break down those barriers to development. That means look past things like rent control; look forward to better infrastructure; better alignment of federal, state and local policies; and land use policies that really foster multifamily development.” While there is greater participation of NMHC members in the suburban markets, Cino doesn’t think you can count out the urban markets, which is important to the D.C. region.

https://commercialobserver.com/2020/11/pandemic-hammers-multifamily-construction-but-developers-hopeful/ [Cars] [Construction]