A forecast from HomeAdvisor says that single-family starts will increase 12.2 percent to 900,000 units this year, while multifamily construction will drop 10.7 percent to 343,000.
Job growth, rising household formations, surging mortgage rates, and labor shortages all factored into the prediction.
The site also performed two simulations that predicted home production. Total housing starts reached 1.4 million in 2017 in the “Overshoot” scenario, where builders construct more aggressively. The “Slow Climb” scenario, which anticipates conservative building, estimates that total starts will reach 1.3 million in 2019.
Advertisement
Related Stories
Market Data + Trends
Housing Market Index Shows Builder Sentiment Continues to Rise
In March, builder confidence in the market for newly built single-family homes hit its highest level since July 2023
Building Materials
Building Materials Prices Saw Increases in February
Prices for gypsum, ready-mix concrete, and steel-mill products all rose during February, according to Producer Price Index data, while softwood lumber prices declined
Demographics
The State of Hispanic Homeownership
2023 saw a net gain of 377,000 Latino owner-households, the largest single-year gain in almost 20 years, a recent report finds