From Home Furnishing Business
Fast Fact: Housing Starts Struggle to Keep Up with Demand
2018 by Laurie Northington in Economic News, Industry
Low housing inventories and rising home prices and rental rates are locking out new home buyers and stymieing moves at a time when the economy is growing and employment is high.
According to data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, fewer homes are being built per household than at almost any time in U.S. history and home construction per household remains the lowest level in 60 years of record-keeping.
Since 2010, when the recovery from the recession began in full swing, the furniture industry has been consistent, averaging around 4.7 percent growth. And while the growth in housing starts appears stronger on paper compared to the lackluster growth in new household formations, the actual numbers are about the same at 6.2 million units each over the last five years, not enough to keep up with demand.
For a closer look at the numbers, click here.