US Census Data Show Single-Family Construction Delays Increased in 2023
It took an average of 8.6 months to build a home in 2023. What can we expect for 2024?
May 13, 2024
Image: Michael Flippo / stock.adobe.com
Pandemic-related supply constraints continue to affect the national housing market. According to recently released U.S. Census data, delays in single-family construction increased last year: On average, it took 8.6 months to build a single-family home from start to finish in 2023, up from the 8.3 months recorded in 2022, housing data platform Calculated Risk reports. Meanwhile, for buildings with two or more units, the time to complete construction was unchanged from 2022 to 2023, holding steady at a record 17.1 months. And while length of time to completion will remain elevated during 2024, it should improve, according to Calculated Risk’s Bill McBride:
I spoke with a major window supplier earlier this week about construction delays. In early 2023, they were quoting 26 weeks for delivery. Now they are quoting 4 to 5 weeks. A major change - and I expect the average time from start to completion to decline in 2024.
