Both multifamily and single-family housing construction fell during the housing bust, but multifamily construction rebounded quicker.
According to the NAHB, single-family building fell from 1.7 million per year in 2005 to 430,000 in 2011. It finally “struggled back up to the 700,000 range,” which is 60 percent better than the lowest year.
“The economy and potential home buyers are recovering and the modest housing revival is expected to continue and even speed up a bit,” the NAHB reports. The NAHB also forecasts a total of 719,000 single-family starts in 2015 and 914,000 in 2016 or about a 200,000 unit increase in production.
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