New Construction Remains on an Upward Trend in Phoenix for 2024

Multifamily construction starts saw a decline in 2023 but still exceeded expectations given financial market turbulence. Yardi Matrix’s report reveals that while 2023 ranked third in recent years for the number of units breaking ground, it follows 2022 and 2021. Although full-year data for 2023 is still pending, the report indicates a 25.3 percent decrease in construction starts compared to 2022. Despite this, new construction in Phoenix continues to trend upwards. However, construction trends vary regionally, with declines observed in markets like Indianapolis, Salt Lake City, Austin, and Seattle. Conversely, cities such as Phoenix, North Dallas, Raleigh-Durham, and Tampa-St. Petersburg-Clearwater have seen increased construction activity.

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