North Carolina Is Building the 4th Most Homes in the U.S.
In the aftermath of the COVID-19 pandemic, elevated real estate values and rents have stretched budgets for homebuyers and renters alike. The median home sales price in the
Since the beginning of 2022, the
According to an analysis from
Authorized Housing Units Over Time
After trending upward for over a decade, home building has dropped off significantly
Source: Construction Coverage analysis of
The lack of housing supply has been exacerbated by significant underinvestment in new housing since the Great Recession. New housing authorizations tend to fall temporarily during economic downturns, but the collapse of the housing market in the mid-2000s and ensuing recession sent authorizations to historic lows. The number of new residential units authorized has recovered slowly over the last decade, but as of
Single-Family Home Construction Times
Amid construction labor shortages, starts & completions are taking longer than before COVID
Source: Construction Coverage analysis of
Despite a clear need for new housing supply, the construction industry struggled to keep up during the pandemic. COVID-related disruptions produced worker shortages and hindered supply chains, making it harder and more expensive to obtain building materials. As a result, more single-family units saw monthslong delays in the time it takes to start and complete construction when compared to years past.
The effects of these disruptions continue to linger in the residential housing industry. The share of authorized single-family units that took two months or longer to start construction after initial authorization increased from 20% in 2019 to 31% in 2023. These delays were even more pronounced when considering the time from construction start to completion, where 55% of authorizations took over two months to complete this phase compared to only 39% in 2019.
Residential
Two Mountain West states,
Source: Construction Coverage analysis of
Although supply is a challenge across the
This analysis was conducted by Construction Coverage, a website that provides construction software and insurance reviews, using data from the
Here is a summary of the data for
New housing units authorized per 1k existing homes (2023): 4.7New housing units authorized per 1k existing homes (2021): 4.3Total new housing units authorized (2023): 22,741,507Total new housing units authorized (2021): 20,485,854Percentage change in housing units authorized (2021–2023): +11.0%Median home price:
For reference, here are the statistics for the entire
New housing units authorized per 1k existing homes (2023): 2.5New housing units authorized per 1k existing homes (2021): 2.7Total new housing units authorized (2023): 365,373,043Total new housing units authorized (2021): 380,036,187Percentage change in housing units authorized (2021–2023): -3.9%Median home price:
For more information, a detailed methodology, and complete results, see
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