While high housing demand and the housing crisis are not news to anybody, it seems the homebuilding industry is finally taking notice.
The latest Census residential construction report shows that housing starts increased by 11% year-over-year in September, with over 1.1 million single-family homes and 295,000 units breaking ground. As reported by The Real Deal, this increase in construction reflects stronger homebuilder confidence. This also comes after August saw a 5% drop in housing starts compared to July, when housing inventory hit a 40-year low.
National Association of Realtors Chief Economist, Lawrence Yun, released a statement in response to the news, noting that, in addition to giving prospective buyers more options, increased housing production will also be a boon to the economy and employment.
"A gain of 8.1%* from a year ago to 1.415 million new unit production (annualized) is good but far more units are needed," Yun stated. "Rising lumber prices and a shortage of construction workers could present challenges. The country needs to boost vocational training to move workers who lost jobs in retail, restaurants, and hotels into the higher paying construction industry."
*The 8.1% refers to the year-over-year increase in housing permits.
This article originally published at https://dc.urbanturf.com/articles/blog/amid-housing-crisis-and-record-low-supply-homebuilder-starts-up-11-nationwi/17429.
Most Popular... This Week • Last 30 Days • Ever
When Johnsie Walsh rented a unit in her Stanton Park apartment building, she had no i... read »
The 30,000 square-foot home has been privately offered for sale since 2018.... read »
DC's Office of Planning recently looked at DC's migration patterns in 2022. Today, Ur... read »
The residential conversion at a former bowling alley in DC is moving forward, and new... read »
When interest rates doubled in the second half of 2022, activity in the regional hous... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
The development will be located a few blocks south of the Takoma Metro station.... read »
There are two new proposals to redevelop the center at 14th and U Streets NW that are... read »
The M Street building was built in the early 1980s.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro