5 markets dominate sluggish assisted living construction
Construction activity in assisted living properties remains near its lowest levels since the economic recession, according to NIC MAP.
As of 4Q11, within the top 31 metropolitan markets, construction of assisted living properties represented 2.1 percent of the existing inventory, where it has been oscillating around for the past two years. Construction activity as a percent of existing inventory did reach as high as 3.6 percent in early 2009.
Within the top 31 metropolitan markets, 12 markets had construction activity representing more than 3 percent of existing inventory. When compared to existing inventory, St. Louis had by far the highest level of construction activity at 12 percent, which represented 357 units.
Houston had the second highest level of construction at 6.9 percent of existing inventory, which represented 331 units. The five markets with the most units under construction (St. Louis, Chicago, Boston, Minneapolis and Houston) represented nearly half of the total assisted living construction in the top 31 metropolitan markets.
|Graph courtesy of NIC MAP Data & Analysis Service|
Topics: Articles , Executive Leadership , Housing