Luxe Austin Homes - shortage

"Builders Are Slowing Down New Construction Despite the Housing Shortage. What Gives?"

Posted by Grossman & Jones Group on February 3rd, 2023

Realtor.com reports, "the nation might be in the clutches of a dire housing shortage, but builders won’t be putting up enough new homes this year to make much of a dent.

Housing starts, which is when construction has begun but not yet completed, are expected to fall to about 744,000 single-family homes in 2023 as builders continue to pull back, according to the National Association of Home Builders forecast. That’s down about 12% from last year.

However, NAHB expects new construction will rebound in the second half of the year, giving a boost to the overall economy.

“Typically, single-family construction tends to recover before the economy rebounds,” says NAHB Chief Economist Robert Dietz. “By the time we get to the second part of the year,…

448 Views, 0 Comments