Last month, I attended NAHB’s midyear meeting in Miami and had the pleasure of sitting in on a presentation by Daniel Swift, president and CEO of Des Moines-based architecture group BSB Design.
Completions hit record low in 2011
2011 saw the fewest housing completions on record, according to Census Bureau data compiled by housing blog Calculated Risk, with just 631,200 homes finished.
Completions, 2011, record lows, placement, Census data, Calculated Risk
2011 saw the fewest housing completions on record, according to Census Bureau data compiled by housing blog Calculated Risk, with just 631,200 homes finished. The number of completions has been steadily declining since 2007, following a record high in 2006.
Comparing completion totals from decade to decade, however, can be tricky thanks to insufficient data on household formation. That being said, it is fairly clear that the number of completions last year was significantly less than the number of households formed.
In addition, manufactured housing was also at an all-time low last year. Census data shows just 46,000 manufactured homes were placed in 2011, including a mere 3,400 in December.
The Calculated Risk story is accompanied by a bar graph tracking completions and manufactured housing placements by year from 1980 to the present.
To see the graph, click here.