The construction shutdowns and slow economic activity of the pandemic aren't the only reason Denver and other U.S. cities are seeing a slowdown in construction completions in 2020, according to a recent report.
"Developers are on track to deliver half as many apartments in metro Denver this year as they did last year, marking the second-largest dropoff in new apartment construction of any major metro area," reports Aldo Svaldi.
The data comes from a report recently published by RENTCafé and Yardi Matrix, which also provides national construction delivery data. "Nationally, apartment deliveries are expected to drop 12% compared to last year as builders cope with labor shortages, difficulties in obtaining financing and permitting delays," according to Svaldi's description of the report's findings.
"Of the 20 most active metros for apartment construction, 13 are expected to see fewer new units. Miami is expected to see the biggest percentage decline at 53%, followed by Denver at 51%."
FULL STORY: Metro Denver apartment construction on track to drop by half
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