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Tuesday, April 18, 2023

March Housing Starts: Most Multi-family Under Construction Since 1973

by Calculated Risk on 4/18/2023 09:07:00 AM

Today, in the CalculatedRisk Real Estate Newsletter: March Housing Starts: Most Multi-family Under Construction Since 1973


The fourth graph shows housing starts under construction, Seasonally Adjusted (SA).

Red is single family units. Currently there are 716 thousand single family units (red) under construction (SA). This was down in March compared to February, and 112 thousand below the recent peak in April and May 2022. Single family units under construction have peaked since single family starts are now declining. The reason there are still so many homes under construction is probably due to supply constraints.

Housing Units Under ConstructionBlue is for 2+ units. Currently there are 958 thousand multi-family units under construction.  This is the highest level since November 1973! For multi-family, construction delays are probably also a factor. The completion of these units should help with rent pressure.

Combined, there are 1.674 million units under construction, just 37 thousand below the all-time record of 1.711 million set in October 2022.
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