- The average construction time for multifamily buildings declined slightly to 19.6 months in 2024, down from 19.9 months in 2023, per Census Bureau data.
- Larger buildings (20+ units) took the longest to complete, averaging 22.1 months, while smaller buildings (2–4 units) were fastest at 15.3 months.
- Regional differences persist: the Northeast had the slowest timelines (23.4 months), while the Midwest had the fastest (17.3 months).
- Construction delays varied by building size, with 5–9 unit buildings seeing the largest year-over-year increase in build time (+2.2 months).
Modest Progress, Lingering Challenges
According to the 2024 Survey of Construction (SOC), it took 19.6 months on average to complete a multifamily project after securing a building permit—0.3 months faster than in 2023.
Though the improvement is small, it comes despite persistent labor shortages impacting the construction industry, per Multifamily Dive.
Size Matters
Larger projects continue to take more time:
- 20+ units: 22.1 months
- 10–19 units: 19.2 months
- 5–9 units: 19.1 months
- 2–4 units: 15.3 months
Interestingly, the 10–19 unit segment saw the most notable slowdown, taking 2.3 months longer to complete than last year, while 2–4 unit buildings were built 2.3 months faster.
Regional Gaps in Build Times
Multifamily construction speeds also vary by geography:
- Northeast: 23.4 months
- West: 19.9 months
- South: 18.5 months
- Midwest: 17.3 months
The Midwest continues to lead in construction efficiency, while the Northeast remains the slowest, likely due to regulatory hurdles and climate-related constraints.
Why It Matters
While the slight reduction in average build time is welcome news, the data underscores ongoing inefficiencies in the multifamily construction pipeline, especially as developers push to meet rising housing demand amid labor and cost pressures.
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