Washington, DC, Aug. 29, 2013 -- Production of apartments and condominiums gained momentum in the second quarter, according to the National Association of Home Builders.
Multifamily Production Index increased nine points to 61, which is the highest reading since its inception in 2003.
The MPI measures builder and developer sentiment about current conditions in the apartment and condominium market on a scale of 0 to 100. The index and all of its components are scaled so that any number over 50 indicates that more respondents report conditions are improving than report conditions are getting worse.
“Multifamily developer confidence is currently at an all-time high according to our survey results, and we expect to see that continue for the foreseeable future,” said W. Dean Henry, CEO of Legacy Partners Residential in Foster City, Calif., and chairman of NAHB’s Multifamily Leadership Board.