Multifamily Renovations a Small but Stable Part of Construction Activity

Multifamily construction projects primarily come in three categories: New Construction, Renovation Only (renovation), and Additions Only (additions), where additional units are added to an existing property. As expected, new construction is the largest category by far, with renovation representing less than a third of all construction projects annually. In 2021, renovation represented about 24 percent of all construction projects, totaling just under $3 billion. (Most of the data discussed in this report does not include federally assisted projects, except as noted.)

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