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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 2020, including information of significance to the availability of affordable housing in the region. Multifamily construction activity was down 17 percent in Virginia from the previous year. Apartment market conditions were considered tight in the Virginia suburbs of the District of Columbia; and supply remains an issue, with apartment vacancies decreasing year-over-year. Average apartment rents increased 4 percent, which is partly due to strong job growth in the professional and business services sector.

The HUD PD&R Regional Report also contains information on regional population changes, employment sectors, payroll jobs, and housing market sales.

The full report can be viewed here.

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