Not much has changed in the multifamily market from the third quarter of 2014 to the fourth.

That’s according to the Multifamily Production Index (MPI), released by the National Association of Home Builders (NAHB), which held steady with a reading of 54 for the fourth quarter of 2014. This capped the third straight year of quarterly readings at 50 or above.

The MPI measures builder and developer sentiment about current conditions in the apartment and condominium market using a scale of 0 to 100. The index and all its components are scaled so that any number over 50 indicates that more respondents report conditions are improving than report conditions are getting worse.

The MPI provides a composite measure of three key elements of the multifamily housing market: construction of low-rent units, market-rate rental units and “for-sale” units, or condominiums. The MPI component tracking low-rent units increased one point to 52, market-rate rental units fell two points to 62 and for-sale units held steady at 50.

“Demand for multifamily housing remains strong and we continue to build new units to meet this need,” says W. Dean Henry, CEO of Legacy Partners Residential in Foster City, Calif., and chairman of NAHB’s Multifamily Leadership Board. “Because of strong job growth, we expect to be able to keep building for the foreseeable future.”

The Multifamily Vacancy Index (MVI), which measures the multifamily housing industry’s perception of vacancies, stayed positive, dropping two points to 39. Lower numbers indicate fewer vacancies.

“This quarter’s MPI reading of 54 is in line with our view that the multifamily segment of the industry has largely recovered from the downturn,” says NAHB chief economist David Crowe. “After increasing steadily over the past several years, multifamily production has now reached a healthy, sustainable level.”

For data tables on the MPI and MVI, visit www.nahb.org/mms.