Residential construction has been booming in Washington, DC. Large-scale renovation and construction recorded “unprecedented” highs in 2016 and is expected to carry into 2017 as well, according to a new report by the Washington, DC Economic Partnership (WDCEP).
As of August 2016, there were over 14,800 residential units either under construction or undergoing large-scale renovation in DC, says WDCEP data. This was up from the 13,294 units recorded in August 2015.
By the end of the year, 6,524 residential units are expected to be delivered in total. This is the highest number recorded since the WDCEP began tracking the data in 2001. The WDEP is anticipating a total of 8,250 units to be delivered in 2017.
Forty-five percent of the new residential units are located in the Capitol Riverfront, NoMa/Union Market and Southwest neighborhoods, making up the majority of new units under construction.
“It’s amazing to see this record number of housing bursting throughout the District of Columbia, proving that the city is an attractive place for people to live, work, play and build a business,” said President & CEO of WDCEP Keith Sellars in a release.
Sellars added that since the WDCEP has been keeping records, DC has “seen an unprecedented residential growth with a portfolio of residential projects being developed or soon to come on line.”
DC’s construction could be fueled by the influx of young professionals, says an article by Construction Dive. Many of DC’s new residents could be renting in part due to rising prices, as the burden of student debt and limited job growth impacts their ability to secure downpayments. It’s a trend that’s also occurring in many areas of the country, according to Construction Dive.
Click here to read the entire WDCEP report.