Covid Construction Boom: Residential building up 36%

With unprecedented labor and construction supplies shortages standing in the way, you would think new home construction is stagnant. In fact, according to data collected over the past two years, it’s on the rise from coast to coast.

Omnis Panels analyzed over 2 years of data from the U.S. Census Bureau and the U.S. Department of Housing and Urban development to learn more about national trends in new residential construction.

Findings:

  • Over the past 2 years, residential construction permits increased 36% nationally for all sized residential permits.
  • For single family homes, the increase was 30%.
  • For large buildings containing 5 or more units, the increase was 21%.
  • In the same time period, the average value of a newly constructed single-family home increased by 7%.

Take a look at findings, CLICK HERE FOR REPORT.

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