Tag Residential Construction

Although supply is a challenge across the U.S., some locations are progressing faster than others in authorizing new construction. Researchers ranked locations according to the number of new housing units authorized per 1,000 existing homes in 2023.

Some locations are investing more in new residential construction than others compared to the same time last year. We calculated the percentage change in the value of new residential housing units authorized by permit-issuing places from Q4 2022 to Q4 2023, then ranked U.S. metros and states accordingly.

The need for affordable housing in the United States has never been greater. After adjusting for inflation, home prices are nearly 60% higher than they were 10 years ago, and roughly 25% of renters spend over 50% of their income on rent. But while the national supply of housing has been lagging overall, some parts of the country have managed to add homes faster than others.

Investing in home improvements varies by location due to factors such as cost of living, local economic conditions, and the housing market. Our researchers ranked U.S. states and metros according to the number of home improvement loans taken out per 1,000 owner-occupied households.

Multi-family housing plays a crucial role in bolstering housing availability in states with substantial urban populations. Nationally, approximately 28% of the current housing stock falls under the multi-family category, although this figure exhibits significant regional disparities. Looking at new units authorized by building permits in 2022, researchers identified the states and metros building the most multi-family housing.