An upward momentum shift in new home construction is a great thing; for the deficit in available housing is a real thing both on a national and local level. The fact that at the onset of 2020, the US was short roughly 3 million units in housing is one that is very hard to overcome. Chipping away at the deficit by “chipping away” at the earth via new builds is an extremely exciting notion. When you factor in the cost of land, the increase cost in raw materials by 150%, permit challenges, the lack of land developers, land AND lack of labor and then the onset of a pandemic, it comes as no surprise that the lack of new construction is significant AND widespread.
Care for a bit of optimism? Click on the link below for a great read by Keeping Current Matters about what is fueling the promising notion that new construction is and will be trending upward!