Chattanooga’s multifamily construction is taking a much-needed break

Multifamily construction is slowing considerably nationally, and that slowdown is particularly pronounced in Chattanooga, Tennessee, where rampant construction over the past several years produced an oversupply. After a record-breaking surge in multifamily completions over the past few quarters, the market is bracing for a sharp pullback this year, with new unit completions expected to decline by over 90%.