HUD Releases Mid-Atlantic Economic Report
The U.S. Department of Housing and Urban Development (HUD) released its Mid-Atlantic (Virginia, Maryland, the District of Columbia, West Virginia, Delaware, and Pennsylvania) Policy Development & Research (PD&R) report for the first quarter of 2019, including information of significance to the availability of affordable housing in the region. Multifamily construction activity was down 21 percent in Virginia from the previous year. Apartment market conditions were considered balanced in the Virginia suburbs of the District of Columbia, however supply remains an issue, with apartment vacancies decreasing year-over-year, while average apartment rents increased 3 percent.
The HUD PD&R Regional Report also contains information on regional population changes, employment sectors, payroll jobs, and housing market sales. The full, six-page report can be viewed here.