A new report from Bloomberg shows that apartment production has reached its highest level in 50 years. Possibility of reducing accommodation costs.

A new report from Bloomberg shows that the production of apartments in the United States has reached its highest level in 50 years. Since the start of 2022, approximately 420,000 units have been completed. This is the second consecutive year that production exceeds 400,000; a feat not seen since the early 1970s. Some analysts predict that the new construction boom could bring down the cost of housing, but not immediately.

According to Rent Cafe, most of the new production has been concentrated in cities in the Solar Belt with a handful of outliers. No jurisdiction in Maryland made the top 20 cities for new apartment production, but neighboring Washington DC ranked 9th in the nation with 12,176 new units.

Longtime readers of Conduit Street know that the conversation around housing has been hot lately. An entire panel was dedicated to the topic of affordable housing solutions at the MACo 2022 Summer Conference. County leaders anticipate housing to be a major topic in the 2023 legislative session and stand ready to be a constructive partner in finding solutions. Maryland counties play a unique and critical role in delivering public services and managing growth. No level of government can solve the affordable housing crisis alone; MACo stands ready to work with all stakeholders to help encourage home ownership and stimulate the production of more affordable housing.

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