Market Share Shifts and Historical Comparisons
The market share of rental units within multifamily construction starts took a dip and fell below 94% during the third quarter. This occurred as the built-for-sale, multifamily condo market witnessed a notable gain. It is interesting to note that the historical low market share of 47% for built-for-rent multifamily construction was set during the third quarter of 2005, a time when the condo building boom was in full swing. On the other hand, an average share of 80% was registered during the 1980 - 2002 period.Multifamily Condo Unit Construction Starts
For the third quarter, there was a notable increase in multifamily condo unit construction starts. The count rose from 3,000 a year ago to 6,000. Although it still constitutes a relatively small market, this represents the highest quarterly count since mid-2022. This growth indicates a potential shift in the housing market dynamics.Average and Median Square Footage of Multifamily Construction
An elevated rental share of multifamily construction is having an impact on the typical apartment size. According to the third quarter 2024 data, the average square footage of multifamily construction starts has seen a slight increase and now stands at 1,061 square feet. The median has also edged up to 1,013 square feet. These estimates are close to multidecade lows, suggesting that the current construction trends are resulting in smaller apartment sizes.Ensuring a Stress-Free Holiday Travel Experience with NCDOT
Suspension of Construction Activity
The North Carolina Department of Transportation has made the strategic decision to suspend most construction activities along major highways. This proactive measure is being implemented to keep lanes open and facilitate the smooth flow of traffic during the holiday period. By doing so, they are addressing the concerns of both local residents and out-of-town visitors who rely on these highways for their travel needs.
Work along interstates, U.S. routes, and key N.C. routes will be suspended through the evening of Monday, December 2. This suspension period allows for increased safety and reduces the likelihood of traffic congestion. It also gives drivers the peace of mind knowing that they can navigate the roads without encountering construction-related delays.
Closure of Interstate 40 Near the State Line
For drivers headed to or coming from Tennessee for the holiday, it is important to be aware that Interstate 40 is currently closed near the state line. This closure is a temporary measure due to ongoing maintenance or other operational reasons. Travelers are advised to plan their routes accordingly and allow for additional travel time to account for the detours or alternative routes.
The closure of Interstate 40 can have a significant impact on holiday travel, especially for those traveling between North Carolina and Tennessee. However, the North Carolina Department of Transportation is working closely with relevant authorities to provide timely updates and alternative routes to ensure that drivers can reach their destinations safely.
Latest Traffic Updates on DriveNC.gov
Before hitting the road, it is crucial to visit DriveNC.gov for the latest traffic updates. This online platform provides real-time information on road conditions, construction activities, and any other factors that may affect travel. By staying informed, drivers can make better decisions and avoid potential traffic delays or hazards.
The DriveNC.gov website is a valuable resource for both local residents and out-of-town visitors. It offers detailed maps, traffic cameras, and alerts to help drivers navigate the roads effectively. Whether you are traveling for business or pleasure, this website can help you plan your journey and make the most of your time on the road.