Commack’s Multi-Family Housing Boom Creates Strategic Opportunities for Smart Material Sourcing in 2024
The Commack construction market is experiencing unprecedented growth in 2024, driven by a competitive housing environment where homes score 89 out of 100 on competitiveness and median prices have reached $875K, up 10.9% since last year. As multifamily apartment units rose 29% from year-ago levels in the first quarter of 2024 across New York State, developers in Commack are capitalizing on this momentum to address the region’s critical housing shortage.
The Multi-Family Housing Market Dynamics
The multi-family construction sector represents a significant opportunity for strategic material sourcing. Between 2009 and 2023, the share of new housing authorized that were multi-family units rose from 24.3% to 39.1%, with the U.S. building over 591,000 new multi-family units in 2023. This trend reflects multi-family developments offering one of the most effective solutions for addressing housing shortages and improving affordability, as they allow for higher housing density and are generally more cost-efficient to build than single-family homes.
However, developers face significant challenges. A shortage of skilled labor is a major headwind facing the multifamily market, with the industry short more than 400,000 workers. Additionally, tight lending conditions and the high cost of development loans continue to hinder additional multifamily housing production.
Strategic Material Sourcing Challenges in 2024
The construction supply chain landscape has fundamentally changed since the pandemic. Pre-pandemic, materials such as steel and timber could be had within two to four weeks, but today, those same materials can take 12 to 16 weeks to arrive. Construction input costs are up 38.7% compared to February 2020, with prices of iron and steel rising more than 50%.
For multi-family housing projects specifically, masonry materials present both challenges and opportunities. The masonry industry is experiencing a strong pivot toward sustainability, with eco-friendly materials like recycled stone and bricks, low-emission mortars helping projects achieve green building certifications like LEED. These sustainable materials not only help reduce environmental impact but also improve energy efficiency, aligning with global sustainability goals and consumer expectations.
Local Expertise Makes the Difference
In this challenging environment, working with established local suppliers becomes crucial for project success. Located in the town of Setauket, Jos M. Troffa has been expertly servicing both commercial and residential customers throughout Long Island since 1972, with a huge inventory of stone and masonry products available for developers. The company’s 8-acre site is filled with the finest quality masonry supplies, including paving stones, gravel, retaining walls, bricks, and stone veneers from top industry names like EP Henry Pavers, Belgard, and General Shale.
For developers planning multi-family projects in Commack, partnering with a reliable Masonry Supply Commack, NY provider like Jos M. Troffa offers distinct advantages. Since 1972, the company has serviced some of the best-known businesses and most elite properties throughout Nassau and Suffolk Counties, providing the expertise and reliability that complex multi-family projects demand.
Current Design Trends Driving Material Demand
Multi-family housing design in 2024 emphasizes specific material characteristics that smart developers should consider. The appeal of warm and neutral color palettes in masonry is gaining momentum, with soft whites, creamy tones, and gentle grays being chosen to create timeless aesthetics in residential settings. The trend toward dimensional stone cuts and innovative textures is reshaping how spaces are designed, with stones cut into various shapes and sizes adding visual interest and depth.
Biophilic design can be implemented through exposed natural materials like wood and stone, while also incorporating greenery and vegetation throughout interiors, making natural masonry materials increasingly valuable for multi-family developments seeking to attract quality tenants.
Supply Chain Best Practices for 2024
Successful multi-family developers are adapting their procurement strategies to current market realities. There is a growing trend of builders developing proactive plans for procuring materials, including evaluating current vendors, considering new options, and joining purchasing programs to increase purchasing power.
Expert advice to contractors facing high prices includes having a competitive quote process and system to track bids, along with plans to ensure materials will be delivered when and where they need them. It’s important to have multiple options in the supply chain as backup, and by diversifying relationships with vendors, businesses can decrease the possibility of being left without materials mid-project.
Looking Ahead: Positioning for Success
While multifamily construction faces challenges in 2024, new supply will help stabilize the market before expanding in 2025. Developers who establish strong relationships with reliable local suppliers and implement strategic sourcing practices will be best positioned to capitalize on Commack’s growing multi-family housing market.
The combination of Commack’s competitive housing market, growing multi-family development trends, and the expertise of established local suppliers creates a compelling environment for strategic material sourcing. By partnering with experienced providers who understand both the technical requirements and logistical challenges of multi-family construction, developers can navigate current supply chain complexities while delivering quality housing solutions that meet the community’s growing needs.