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Fewer Completions but Lower Migration Steady the Multifamily Outlook
Slower hiring, immigration add headwind to housing demand. Improving spring employment supported stronger household formation and apartment absorption in the second quarter. However, that momentum is waning. Employers shed 23,000 jobs in July, marking a fourth consecutive month of decelerating hiring. Downward revisions also showed weaker gains in May and June than initially reported. Reduced immigration may compound that slowdown.