NAICS 236116 - New Multifamily Housing Construction (except Operative Builders)
This U.S. industry comprises general contractor establishments responsible for the construction of new multifamily residential housing units (e.g., high-rise, garden, and town house apartments and condominiums where each unit is not separated from its neighbors by a ground-to-roof wall). Multifamily design-build firms and multifamily housing construction management firms acting as general contractors are included in this industry.
Industry trends:
The New Multifamily Housing Construction sector (NAICS 236116) has experienced significant qualitative trends driven by changing demographics, economic conditions, and evolving consumer preferences. One of the most notable trends is the increasing demand for sustainable and energy-efficient buildings. Developers are incorporating eco-friendly technologies and materials to meet the growing consumer and regulatory demands for green construction.
Another trend is the shift toward urbanization. As more people seek the convenience and lifestyle of urban living, there is a higher demand for multifamily housing projects in city centers. This has led to the rise of mixed-use developments that combine residential, commercial, and recreational spaces.
Affordability remains a critical issue, and developers are seeking innovative solutions such as micro-apartments and modular construction to reduce costs and expedite project timelines. Additionally, there is a trend towards incorporating advanced technology in new constructions, including smart home features and enhanced connectivity, to meet the expectations of tech-savvy residents.
Looking forward, the sector is expected to continue growing, albeit at a cautious pace given the economic uncertainties and potential interest rate fluctuations. However, strong population growth and urbanization trends are likely to sustain long-term demand. Developers who can adapt to sustainability requirements, affordability challenges, and technological advancements will be well-positioned to capitalize on these trends in the coming years.
This industry is comprised of:
Apartment building construction general contractors
Condominium, multifamily, construction general contractors
Construction management, multifamily building
Cooperative apartment, construction general contractors
Custom builders (except operative), multifamily buildings
Duplex (i.e., one unit above the other), construction general contractors
Garden apartment construction general contractors
High-rise apartment construction general contractors
Home builders (except operative), multifamily
Housing, multifamily, construction general contractors
Low income housing, multifamily, construction general contractors
Low-rise apartment construction general contractors
Multifamily building construction general contractors
Panelized multifamily housing assembled on site by general contractors
Precut multifamily housing assembled on site by general contractors
Residential construction, multifamily, general contractors
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