4Q19 Excerpt: New Construction Accelerating

Excerpt from the 4Q19 Witten Advisory:  With development capital still flowing, starts have accelerated in the past several months, as seen in the above chart.  Total 5+ starts topped 370,000 (trailing 12-month total) as of November – the highest in two years, but still short of 2016’s peak.  Production has increased even though construction costs…