Residential construction permitting activity presented a mixed picture through the first quarter of 2026, as weakness in the single-family market contrasted with continued strength in multifamily development. Elevated financing costs,
Private residential construction spending was up 1.7% in March 2026, following two straight months of declines. The increase was broad-based, with gains in single-family, multifamily construction, and home improvement spending.
Overall confidence in the market for new multifamily housing held steady year-over-year in the first quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders
Remodeling has become increasingly important in the housing sector due to the aging housing stock, the trend of aging-in-place improvements, and more home owners choosing to stay put because of
Private fixed investment in student dormitories edged up 0.1% in the first quarter of 2026, holding at a seasonally adjusted annual rate (SAAR) of $3.9 billion. This modest gain marked
Housing construction activity strengthened in March, with a notable rebound in both single-family and multifamily starts, signaling improved builder activity despite ongoing headwinds from financing costs and affordability constraints. While
U.S. population growth slowed notably in the latest Vintage 2025 population estimates from the U.S. Census Bureau, with the nation expanding by just 0.5% in 20251, roughly half the pace
Economic uncertainty coupled with rising building material costs and interest rates resulted in a sharp decline in builder sentiment in April as the housing market enters into the heart of
Residential construction activity began 2026 on a mixed note, with single-family permitting weakening significantly while multifamily activity remained relatively stable. Higher borrowing costs and affordability constraints continue to weigh on
In the first quarter of 2026, the NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 62, down two points compared to the previous quarter. Despite this decline, the overall reading
Profitability for residential remodelers reached its highest level in more than two decades in 2024. Industry-wide profit benchmarks are important because they allow companies to evaluate their financial performance in
Private residential construction spending declined 0.8% in January 2026, following two months of gains. This decline was driven by lower spending across single-family, multifamily construction, and home improvement. Despite the
Single-family construction declined further in the fourth quarter in all but sparsely populated micro counties, according to the NAHB Home Building Geography Index (HBGI). Meanwhile, multifamily construction showed growth in
Residential demolition activity in 2025 declined 0.1% year-over-year but remained above pre-pandemic levels. According to NAHB analysis of data from Construction Monitor, permits pulled for residential demolition have been increasing
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased year-over-year during the fourth quarter of 2025. For the quarter, 96,000 multifamily residences started
While not a huge jump, 2025 featured the highest construction volume for multifamily missing middle housing starts. The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and
Builder sentiment inched up in March even as builders continue to express affordability concerns stemming from elevated construction costs and shortages of buildable lots and labor. Builder confidence in the
New single-family home size had been falling since 2015 in response to declining affordability conditions. An exception occurred in 2021, when new home size increased as interest rates reached historic