The Multifamily Production Index went from 49 in the fourth quarter of 2011 to 51 in the first quarter of this year on a scale of 0 to 100.
Compiled by the National Association of Home Builders, the MPI measures builder and developer sentiment about current market conditions.
The index is a leading indicator for the multifamily market.
"In spite of continuing difficulties in the capital markets, it appears that new construction is under way,” said W. Dean Henry, president of Legacy Partners Residential in Foster City, Calif., and chairman of NAHB’s Multifamily Leadership Board.
