Carter Recognizes AEC firms in Building Design+Construction magazine’s
annual national ranking in its 2013 Giants 300 Report
Excerpt from article by BD+C Staff for Building Design+Construction
Amid Single-Family Housing’s Comeback, Rental Market Not Skipping a Beat
As the economy recovers and homeownership becomes a realistic option for more consumers, will it spell the end of the multifamily sector’s hot streak? The experts say no.
Seven years removed from the beginning of the most severe housing market crash since the Great Depression, the U.S. single-family residential sector is finally starting to snap out of its long period of malaise. Home prices, new-home sales, existing-home sales, and housing starts have all trended higher during the past 12-18 months, and while the market remains significantly depressed relative to 2005-06 output, it’s safe to say the single-family housing sector is in a much healthier state.
During the depths of the recession, multifamily construction remained one of the few relatively bright spots of the nation’s residential building sector, driven largely by pent-up demand for apartments and other rental units, such as student and senior housing. But as the economy recovers and homeownership becomes a realistic option for more consumers, the question becomes: Does this spell the end of the multifamily sector’s hot streak?
Above: Construction progress at Highpoint on Columbus Commons, Carter’s project with
architects Moody Nolan and Cooper, Robertson & Partners, and contractor Brasfield & Gorrie.
Not anytime soon, according to FMI’s Construction Outlook Report for First Quarter 2013, which predicts a 31% YOY increase in multifamily construction spending in 2013 and another 27% in 2014 (following 47% growth in 2012). The sector is expected to reach its housing boom peak ($54 billion in annual construction spending) by 2017—although annual percent growth will taper off over the next four years.
There are enough impediments to homeownership, experts argue, to keep the rental market strong for the immediate future, including a still-recovering jobs market, increasingly stringent mortgage requirements, and a sizable swath of the home-buyer base that is still reeling from the effects of the housing market downturn, with underwater or delinquent mortgages. Plus, the nation’s two largest generational groups—the baby boomers, who are at or near retirement age, and the Millennials, most of whom are in the very early stages of their career—are ripe for long-term rentals.
Among the list of Top Multi-family Architecture Firms are Moody Nolan, Niles Bolton and Cooper Carry, all of whom Carter has worked with (or is currently working with) on projects around the country. Top Multi-family Construction Firms include Brasfield & Gorrie, Messer Construction and The Turner Corporation. Included on the Top University Sector Architecture Firms list are Perkins+Will, HOK, Leo A. Daly and Shepley Bulfinch Richardson & Abbot.
Congratulations from Carter to all the firms who made the BD+C 2013 Giants 300 Report!