Zenith Economics, LLC @ZenithEcon
Independent economic consultancy. zenithecon.com California Joined May 2024-
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To read our report, including new estimates of economic impacts: zenithecon.com/publications/d…
New from Zenith: Data center construction is powering the US economy in 2025: $200B+ in spending, 570K jobs, and $80B added to GDP. Our newest report on the economic impact of data center construction shows how data centers are compensating for other construction sector weakness.
Los Angeles issues fewer residential permits in first half of 2024 therealdeal.com/la/2024/07/22/…
Approximately 5,200 residential units have been approved citywide since the start of this year @Hilgard_Analyt |@ZenithEcon la.urbanize.city/post/analysis-…
To see the full report, including breakouts for all 15 City Council Districts, please visit zenithecon.com. (3/3)
LADBS data shows that permits are down 19% in LA in 2024 compared to 2023. Additionally, by cross-referencing LADBS data with City Planning ED1 data by project address, the report finds that new build permits for projects with ED1 Approval are trending upward. (2/3)
Zenith has published the Residential Permitting in Los Angeles Q2 2024 Report with @Hilgard_Analyt. The report looks at permits, including ED1-Approved, citywide and by Council District. (1/3)
To read the full post, and broader implications of the national decrease in multifamily construction efficiency, please visit our website here(4/4): zenithecon.com/publications/f…
Many causes have slowed apartment development timelines over the past 30 years: - increased regulation - labor shortages - supply chain issues - macro factors - tougher sites - design complexity/amenities (apartments use more space on amenities like gyms now) (3/4)
The multifamily backlog is caused by a slowdown in construction timelines, also beginning in the early 2000s - it now takes almost 2X as long to build an apartment (but not a single-family home) as it did 30 years ago (2/4)
As the Fed fights rent inflation, trends in US multifamily construction timelines suggests rent growth will remain stubborn. Beginning in the 2000s, more MF housing units get stuck in construction. The 5+ unit multifamily backlog reached historic levels in 2023 (1/4):
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