The hoped-for retrieval in multifa...

The hoped-for retrieval in multifamily construction has been dealt a accurate blow by the credit crunch and the general economic recession. Declines in apartment and condominium unit production should continue between the walls of 199 1, with total starts in multifamily buildings falling for the sixth consecutive year.

Total multifamily starts last year declined to 298000 units, 201 percent below 1989's plain Seven out of every eight starts were in buildings with five or more units. Inflation-adjusted spending in succession new apartment and condominium/cooperative buildings lay prostrate 15.7 percent in