New Housing Construction Is on the Rise Despite the Shortage of Materials

 The U.S. Census December 2021 Monthly New Residential Construction report revealed an increase in the number of housing starts in November. The rate was 12% over what October's report showed. This trend stems from the strong demand for housing.

“And there’s a lack of existing homes for sale. So where is the buyer to go but to the new-construction market? So that’s the good news,” Susan Wachter, professor of real estate at the Wharton School of the University of Pennsylvania said.

The Survey of Construction (SOC) is a report created by the U.S. Census Bureau and is released on a monthly rotation. The report shows the statistics on starts and completions of both new single-family and multifamily houses. The source of the data comes from survey questionnaires and is broken into two parts, the Survey Use of Permits (SUP and the Non-Permit Survey (NP).

Even with the shortage of building materials, new home contractors are still busy. According to builder Jerry Konter from Savannah, Georgia windows have had a 28-week delay. Housing contractors are finding a workaround for t
he shortage of workers and materials.

“Construction employment has been increasing in spite of all those help wanted signs, and materials are eventually getting delivered,” said economist Ken Simonson with the Associated General Contractors of America.

Click Here For the Source of the Information.