Economists' Outlook

Housing stats and analysis from NAR's research experts.

Housing Construction Slowly Ramping Up

  • Housing construction is slowly ramping up. Housing starts and permitting have been at their strongest levels in years, with many markets exhibiting double-digit increases between 2011 and 2012.
  • Construction is an important source of job creation, but may also be needed soon to quench supply/demand imbalances in certain local markets. Through construction has grown relative to 2011, it remains tame compared to pre-recession levels.
  • Boise City, for example, saw a 78% increase in permits for construction between 2011 and 2012. Permits in 2012 were 72% lower than in 2005, though.
  • This trend of rising permits is also important as it signals confidence on the part of builders who have been reluctant to start projects in the face of large inventories and tight lending.
  • More information on local market trends is available in the 4th quarter Local Market Reports. (member log in required)
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