Single-family construction declined in the second quarter of 2025 for almost all tracked markets, according to the NAHB Home Building Geography Index (HBGI). Meanwhile, multifamily construction continued to expand in low population density markets, which have shown remarkable strength due to for-sale affordability challenges. The HBGI tracks single-family and multifamily permits across seven population density…
Despite historically low self-employment rates and the rising market share of top ten builders, residential construction remains an industry dominated by independent entrepreneurs, with nearly 80% of home builders and specialty trade contractor firms being self-employed independent contractors. Even among firms with paid employees, the industry continues to be dominated by small businesses, with 63%…
The number of residential remodelers in the U.S. has reached a record high of 128,187 establishments, 65% higher than the number of residential builders (single-family and multifamily), which stands at 77,455. These official government counts were released by the U.S. Census Bureau as part of its 2022 Economic Census, which tallies American businesses every five…
Despite shrinking lot sizes, values for single-family detached spec home lots continued to rise, with the national median outpacing U.S. inflation and reaching a new high in 2024. The U.S. median lot value for single-family detached for-sale homes started in 2024 stood at $60,000, according to NAHB’s analysis of the Census Bureau’s Survey of Construction…
Despite persistently high mortgage rates, elevated financing costs for builders, and a shortage of buildable lots, single-family starts rebounded in 2024, following two straight years of declines. According to the National Association of Home Builders’ analysis of the 2024 Survey of Construction (SOC), a total of 1,009,315 new single-family units started construction nationwide. This is…
Single-family construction growth slowed substantially across all markets in the first quarter of 2025, according to the Home Building Geography Index (HBGI). Multifamily construction growth remained negative in the largest markets but reported significant expansion in lower population density areas. The HBGI tracks single-family and multifamily permits across seven population density delineated geographies in the…
A modest decline in mortgage rates and lean existing inventory helped boost new home sales in March even as builders and consumers contend with uncertain market conditions. Sales of newly built, single-family homes in March increased 7.4% to a 724,000 seasonally adjusted annual rate from a revised January number, according to newly released data from…
