U.S. Housing Starts to Reach 1.6 Million Units in 2021
U.S. housing starts are forecast to total 1.6 million units in 2021, according to “Housing: United States,” a report released by Freedonia Focus Reports. Single-unit conventional housing starts, representing both the largest and fastest growing segment, will benefit from rising household creation and an improving economy, amidst the preference of many consumers for detached homes and other single-unit types.
Demand for single-unit housing will be restrained by other housing options, such as manufactured housing, a lower-cost substitute and the availability of multiple-unit options such as condominiums. Additionally, many young people in urban areas want to live in or near downtown, where space is unlikely to exist for new single-unit housing developments.
These and other key insights are featured in “Housing: United States.” This report forecasts U.S. housing starts and the housing stock in units, and average floor space per new and existing units in square feet to 2021. Each measure is segmented by housing type in terms of single-unit conventional, multiple-unit conventional and manufactured.
In addition, housing starts and the housing stock, as well as existing home sales, are segmented by region: South, Midwest, West, Northeast. Furthermore, spending on residential building construction in U.S. dollars is forecast to 2021 and is segmented by type as follows: single-unit, multiple-unit, and improvements.
To illustrate historical trends, housing starts, the housing stock, existing home sales, average floor space, residential building construction expenditures, the median price of new single-unit conventional homes, interest rates and the various segments are provided in annual series from 2006 to 2016.