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Apartment construction cranes dotted the D.C. sky throughout last decade’s economic expansion and the early years of the pandemic, but new development has fallen sharply this year.
In the third quarter, multifamily construction starts in the D.C. area were at their slowest pace since 2010, according to Delta Associates’ Class-A multifamily report.
Just 891 units started construction across suburban Maryland, D.C. and Northern Virginia during the quarter, according to Delta’s report, down from 2,712 units the same quarter last year.
Just one project totaling 112 units started construction in the District proper last quarter. In the third quarter of 2022, 10 projects totaling 3,617 units started construction in the District.
“Starts have come to a halt, basically,” Delta Associates President Will Rich told Bisnow.
