The U.S. has a deficit of more than 5 million homes, as builders have been unable to keep up with demand over the past decade.
About 12.3 million households were formed in the U.S. from January 2012 to June 2021, but only 7 million new single-family homes were built during that time. The number of U.S. homes for sale is near a record low, with a widening gap between supply and demand.
A severe labor shortage and supply chain disruptions that pushed up materials prices are suppressing new housing starts. Land costs have risen as well, and demand has been fueled by people seeking larger dwellings during the pandemic.
Household formations have been outpacing new construction long before COVID, though.
Related Stories
Codes and Standards | Mar 14, 2017
Timber Innovation Act to promote tall wood buildings introduced in Congress
The measure has bipartisan support.
Codes and Standards | Mar 13, 2017
U.S. House and Senate have voted to repeal Dept. of Labor’s 'blacklisting' rule
The rule mandates labor compliance review for federal construction contractors.
Codes and Standards | Mar 9, 2017
WiredScore forms Connectivity Advisory Committee
The committee's creation is an important step forward for the group that evaluates internet connectivity in buildings.
Codes and Standards | Mar 8, 2017
New guide examines multifamily high-performance ventilation
The focus is on cost and performance of various systems.
Codes and Standards | Mar 7, 2017
Canada’s national building codes will encompass effects of climate change
Forecasted data, not historical data, will be used as the basis for the codes.
Codes and Standards | Mar 6, 2017
ConsensusDocs updates standard short contract editions
The updates address industry changes impacting insurance, legal, technology, and terminology.
Codes and Standards | Mar 3, 2017
ASCE updates standard for structures using tensile membrane
The new sstandard combines guidelines for conventional tensile membrane structures with frame-covered membrane structures.
Codes and Standards | Mar 1, 2017
EPA's 2017 Construction General Permit now in effect
The regulation governs compliance with effluent limits.
Codes and Standards | Feb 28, 2017
Concern grows for high tide flood vulnerability in Mid-Atlantic states
Washington, D.C., and Annapolis, Md., could flood every three days by 2045.
Codes and Standards | Feb 27, 2017
Green building saves operating costs and boosts asset value
A new report shows 14% cost savings and a 7% increase in value when green standards are met.
