Housing market & woodworking: beyond the pandemic
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The total value of private construction (residential and nonresidential) put in place in the United States was over a trillion dollars ($1,245 billion) in 2021, up 12.4% from $1,108 billion in 2020. Spending in all residential categories increased in 2021, including a 33.0% increase for single family, a 15.6% increase for multi-family, and a 13.7% increase for residential improvements. Spending on nonresidential construction, however, declined by 2.1%. The number of single family housing units started in 2021 was 1,127,200 an increase of 13.8% from 2020 and the tenth consecutive increase since 2011. Single family starts still are well below the peak of nearly 1,716,000 units in 2005; however, the last time starts were above one million was in 2007, according to U.S. Census Bureau figures. These increases in residential construction spending and housing starts came on the heels of the COVID-19 pandemic, which caused numerous production and supply chain disruptions, especially in 2020.
Buehlmann, Urs; Bumgardner,Matt.; Koenig, Karen. 2022. Housing market & woodworking: beyond the pandemic. FDMC. July: 28-30, 32.