FWIW, lumber and other material costs notwithstanding, in our area there seems to be no slowing down multi family (condos and apartments) and even hotels are coming back (nobody was starting construction on a hotel in 2020).
We have several large (25-50 story) multi family jobs starting now. Biggest issue is the labor. And I don’t just mean the guys screwing and nailing shot together, but also the people to manage the projects. We lost a LOT of institutional knowledge about how to run work in the last recession. Lots of old guys, that were teaching and mentoring young guys, left the industry. As such, the young guys came up without a good example of how to do things. Now here we are 10+ years on and those young guys, who never learned the right way to begin with, have been promoted to positions of power (sorry, “leadership” in modern business jargon) and are frankly fucking it all up. Combine that with millenialism and the fact that some of these folks are themselves Millenials who have subscribed to the narrative, and it’s a total shit show.
Even basic concepts like meeting minutes and daily reports are totally ignored, and the less-easily-ignored RFIs and Submittals are still getting mugged daily. Almost every issue I see in the field can be tracked back to a mis-management in the office, out often simply because the guy (or girl, these days) managing the office doesn’t know his ass from his elbow when it comes to process.