Apartment & Condominium Construction in Ohio - Industry Market Research Report

Building Up: Booming Residential Construction in the State Has Supported Industry Revenue

Apartment & Condominium Construction in Ohio

The Apartment and Condominium Construction industry in Ohio is expected to grow over the five years to 2018. Industry revenue in Ohio has outpaced revenue growth for the industry at large over the past five years, fueled by favorable macroeconomic conditions, an expanding state population and declining state unemployment. Furthermore, steady demand conditions for industry services and improving industry profitability have encouraged new operators to enter the industry. Apartment construction activity has surged throughout the the Columbus, OH Metropolitan Statistical Area (MSA) and broader Central Ohio region during the five-year period, as high-volume apartment complexes that require relatively little land are increasingly in demand in densely populated cities such as Columbus. Consequently, the MSA is expected to remain a central hub for industry activity in Ohio as the population of the MSA continues to grow, necessitating an increase in housing suitable for urban areas. Over the five years to 2023, the Apartment and Condominium Construction industry in Ohio is forecast to continue expanding, albeit at a decelerated rate. However, this slowdown in growth is not necessarily indicative of a decline in the state's multifamily construction industry, but rather representative of a normalization in the broader housing market following a surge of pent-up demand.

This industry is composed of general contractors responsible for constructing new multifamily residential units, including high-rise apartments, townhouses, condominiums and medium-to-high density units (i.e. units not separated by a ground-to-roof wall). All of the complexes may be constructed for sale as condominiums or cooperatives, or used as rental apartments. This industry does not include speculative builders or contractors that build on their own account for sale.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.