Rising interest rates and an emerging recession have already slowed down one very important part of the real estate market: single-home sales. But two other segments -- multifamily and commercial -- appear to be faring fine so far.
According to the Dodge Construction Network (DCN), the value of construction starts in those two sectors rose by 24% in the first six months of this year over last year in the nation's 20 largest markets.
Eight metro areas posted year-over-year (YOY) declines in construction starts: Seattle; Los Angeles; Philadelphia; Boston; Chicago; Minneapolis; Nashville, Tennessee; and Kansas City, Missouri. Here's a look at the 12 that are up YOY in commercial and multifamily construction starts for the first half of 2022.
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