2017 Housing Starts January 10, 2018

In 2017, 1.2 million houses were started. While that’s double the number of starts in 2009, the worst year on record, it’s still 400,000 starts below what’s needed based on population, job growth, and tear downs. This means we’re currently under built by 4,500,000 units, with the gap widening, albeit more slowly now than before. Until the hole stops widening, the gap between house price appreciation and income growth will worsen.