Immigration Enforcement Isn't Filling Construction Jobs. It's Emptying Them.
U.S.-born construction employment dropped 3% in high-enforcement metros — twice the cross-sector average — because finish trades disappear when framing labor does.
⚫️U.S. Apartment Construction Pipeline Shrinks to Lowest Level Since 2015
The under-construction pipeline has fallen ~60% from the 2023 peak to ~543k units, setting up a 2026–27 supply drought after 2025’s final wave of deliveries. Date: 09/2025. Source: RealPage Market Analytics (Q2 2025).
⚫️Big Refinancing Show Lenders Still Backing Apartments and Industrial
Selective lending continues for top-tier multifamily and industrial assets as bank hapoalim and starwood provide $720M in strategic NYC refinancing amid challenging CRE market.