On October 19, 2021, the U.S. Census Bureau reported a 1.6% decrease in new construction from September 2021, which showed a 7.7% decrease in new construction from August 2021; however, these numbers are up 7.4% from October 2020.
Many experts explain the drop by pointing to the decrease in multifamily housing units, which fell 21% across the country. Interestingly, there was a 22% increase in new construction permits for triplexes and duplexes.
Other experts point to the supply-side realities that construction firms are facing: there has been a shortage of labor and materials, and the slowdown of demand for new homes in general.
While many construction experts remain optimistic about the future, as supply and labor shortages will not continue indefinitely, it is certainly noteworthy that multifamily housing unit construction has dropped by nearly a quarter.
At the Chernov Team we understand that knowledge is power, and knowledge of buyer demand, vis-à-vis new construction, is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.