Multifamily Housing Construction (Apartments) Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The multifamily housing construction market (apartments) is growing strongly, projected to increase from $816.88 billion in 2023 to $887.81 billion in 2024 at a CAGR of 8.7%. Growth factors include demographic trends, economic conditions, urbanization, interest rates, and dynamics in the rental market.
What Are the Market Size Estimates for the Global Multifamily Housing Construction (Apartments) Market and Its Expected Growth Rate?
The multifamily housing construction market, specifically for apartments, is expected to experience strong growth, projected to reach $1,265.59 billion by 2028, at a CAGR of 9.3%. This growth is driven by changing living patterns, affordability challenges, sustainable building practices, urban redevelopment, and demographic shifts. Key trends include the integration of technology in residential spaces, urbanization, adaptability of spaces, and a focus on wellness-centric design.
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What Are The Primary Growth Drivers Of The Multifamily Housing Construction (Apartments) Market?
Population growth is projected to spur the expansion of the multi-family housing construction market, particularly for apartments. Population growth refers to the annual average rate of change in population size for a specific country or region. As the population increases, the need for accommodation rises, driving the demand for multi-family housing construction. According to the UN, the global human population reached 8.0 billion in mid-November 2022, up from 7.79 billion in 2020. Thus, population growth is fueling the expansion of the multi-family housing construction market.
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Who Are The Top Market Players Contributing To The Growth Of The Multifamily Housing Construction (Apartments) Market?
Major companies operating in the market report are PulteGroup Inc., Turner Construction Company, AECOM Technology Corporation, Greystar Real Estate Partners LLC, Balfour Beatty US, The Whiting-Turner Contracting Company, Skanska USA Inc., Gilbane Building Company, Lendlease Corporation, The Michaels Organization LLC, Clark Construction Group LLC, Lincoln Property Company, JE Dunn Construction Company, Suffolk Construction Company Inc., Alliance Residential Company LLC, The Bozzuto Group, McCarthy Building Companies Inc., Swinerton Incorporated, Ryan Companies US Inc., The Weitz Company, Mortenson Construction, Wood Partners LLC, The Richman Group of Companies, Continental Properties Company Inc., Mill Creek Residential Trust LLC, JPI Companies, Habyt Ltd., Brasfield & Gorrie LLC, TRG Realty Company, Nestcon Shelters Private Limited
What Emerging Trends Are Affecting The Size Of The Multifamily Housing Construction (Apartments) Market?
Sustainability is becoming increasingly important in the multi-family housing construction market. Companies are adopting new technologies to improve sustainability. For example, in December 2021, Dahlin Group developed a tiny home prototype called Mod Hive to address affordable housing shortages. This prototype promotes sustainable living by incorporating community spaces and lower-density designs.
How Is the Global Multifamily Housing Construction (Apartments) Market Segmented?
The multifamily housing construction (apartments) market covered in this report is segmented –
1) By Construction Activity: New Construction, Repair And Maintenance, Refurbishment And Demolition
2) By Cost Type: Construction Materials, Construction Equipment, Construction Services
3) By Application: Owned, Rental
Geographical Analysis: North America Emerges as the Multifamily Housing Construction (Apartments) Market Leader
North America was the largest region in the multifamily housing construction (apartments) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global multifamily housing construction market(apartments) report during the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Multifamily Housing Construction (Apartments) Market Definition and Overview
Multi-family housing comprises multiple dwelling units within a single building or complex, accommodating separate living spaces for more than one family.
The Multifamily Housing Construction (Apartments) Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Multifamily Housing Construction (Apartments) Market Report: Trends, Opportunities, Strategies, and More
The Multifamily Housing Construction (Apartments) Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into multifamily housing construction (apartments) market size, multifamily housing construction (apartments) market drivers and trends, multifamily housing construction (apartments) market major players, multifamily housing construction (apartments) competitors' revenues, multifamily housing construction (apartments) market positioning, and multifamily housing construction (apartments) market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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