Single, Multifamily Growth Trended Opposite Directions In Last Half Of 2021
Single-family growth cooled in Q4 2021 while multifamily growth in high-density areas surged, according to the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI). The HBGI is a quarterly measurement of building conditions across the country and uses county-level information about single- and multifamily permits to gauge housing construction growth in various urban and rural geographies. “Multifamily production posted strong gains in all regional markets as the demand for apartments increased,” said NAHB Chief Economist Robert Dietz. “Meanwhile, supply-side constraints that include ongoing labor shortages and a lack of key housing products that include garage doors, appliances and windows has delayed single-family construction times across the nation and put upward pressure on home prices.” The price of…