As most of the country is starting to bounce back from the pandemic, cities like Dallas and Phoenix are booming in the construction industry. These two cities w a lot of apartment buildings under construction in 2020 and with the demand for housing in these fast-growing regions, it is only going to continue to increase.
As the top spot in the nation, Dallas finished 19,318 apartments. With the state opening back up, it looks like it is only going to continue to grow. This helps drive the local economy and generate not only temporary but permanent jobs, while also giving more housing options for the growing population.
The second spot goes to Phoenix. In 2020, Phoenix began the development of 17,215 apartments and completed 78 multi-family housing projects totaling $5 million. The amount spent on multi-family housing construction has tripled in the area since 2017.
Rounding out the top 5 cities were Newark, NJ, Austin, TX, and Washington D.C.
Multiple states, such as Texas and Arizona, haven’t seen a decrease in apartment construction. However, the numbers across the nation have seen a slight decrease. The largest 150 metropolitan areas in the country finished more than 300,000 units each year over the last few years. But the number dropped to 292,000 in the year 2020. This decrease is most likely due to the pandemic since some of these developments were either put on hold or completely canceled.
The good news is that things are getting back on track across the whole nation and numbers are looking to increase in the next year or two.
Using a Construction Lawyer
If you are looking to start a construction project, meet with a construction lawyer in Phoenix to ensure that your project will be smooth sailing.
Representing clients involved in construction, the team at Murphy Cordier PLC has the experience of handling construction law issues from disputes to licensing concerns. They will be able to provide you with the legal guidance and representation you need in any construction law case.