Multifamily construction is booming despite the slow economic recovery for commercial and single-family markets, but it is a very different market than it was 10 years ago. Like other segments of construction, the increasing number of firms in multifamily has driven profit margins down. As a result, bidding errors or unanticipated project costs, which were once part of doing business and could be absorbed within the contract price, can now wipe out all profits on a project and even threaten a company’s overall financial strength. Multifamily’s healthy backlog of work has attracted firms from both residential and commercial backgrounds. The
Related Links: ENR: Fresh Hope for Homebuilders ENR Mountain States Multifamily construction is booming despite the slow economic recovery for commercial and single-family markets, but it is a very different market than it was 10 years ago. Like other segments of construction, the increasing number of firms in multifamily has driven profit margins down. As a result, bidding errors or unanticipated project costs, which were once part of doing business and could be absorbed within the contract price, can now wipe out all profits on a project and even threaten a company's overall financial strength.Multifamily's healthy backlog of work has