Multi-Family Home Construction At Pre-Recession Level But Single Family Home Construction At A Third Of Peak Level

Posted by Milton Recht:

From Federal Reserve Bank of Cleveland Economic Trends, "Housing Recovery?" by Kyle Fee and Daniel Hartley:

Recent data shows that construction activity of multifamily housing has recovered to around its pre-bust level, with roughly 300,000 to 400,000 units of new construction beginning each year. These levels were typical through the late 1990s and early 2000s. In contrast, single-family housing construction—even though it has increased from around 400,000 units per year to around 600,000 units per year—is still far below its peak during the boom (1.8 million units) and less than its average during the late 1990s (about 1.2 million units per year).

Source: Federal Reserve Bank of Cleveland