The last eight months have brought a mercurial rise in unemployment and a devastating blow to many small businesses. Developers have pulled back on hotels, retail centers and office complexes.
Yet one thing has remained almost constant throughout the pandemic. Apartment buildings are still going up.
“The bottom line is that there is profit to be made in building multifamily housing in our market,” said Libby Starling, director of community development and engagement at the Federal Reserve Bank of Minneapolis. “As long as there’s profits to be made, development will continue.”