Key Highlights
- Building permits up +17.3% y/y and +4.5% m/m, according to US Department of Housing and Urban Developmentand US Census Bureau
- Housing starts up +5.2% y/y and +5.8% m/m with single-family building up +12% m/m
2020 = Bang-Up Year for New Housing Construction
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2020 turned into a bang-up year for new housing construction. According to the US census Bureauand the Department of Housing and Urban Development (HUD), building permits increased +17.3% y/y and +4.5% m/m while housing starts jumped +5.2% y/y and +5.8% m/m. New single-family building increased a whopping +12% m/m.
Lawrence Yun – “Could worst housing shortage be coming to an end?”
Laurence Yun, chief economist with the National Association of REALTORS®,was thrilled with these new housing construction numbers. Yun said, “Home construction finished the year with the biggest bang since 2006…(these numbers) mean the worst of the housing shortage could soon come to an end.”
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Housing Completions Stellar
Housing completions were also stellar in December with a month-to-month increase of +15.9% and a year-to-year increase of +8%.
Despite these most welcome recent numbers in new housing construction, Yun was careful to remind housing professionals that the industry as a whole in markedly low in supply relative to seemingly ravenous demand. Yun said, “For 13 straight years prior, homebuilders have been under-producing below historic norms. Therefore, it will take robust home construction this year and next, at a minimum, to fully supply the housing market to properly meet demand.”
Yun – “Housing sector looks to lead economy in recovery in 2021”
Yun added, “More construction also means more local job creation. The housing sector looks to lead the economy in recovery in 2021.”
Thanks to Inman.
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