U.S. housing starts are forecast to see annual growth of 2.4 percent through 2022, according to “Housing: United States,” a report recently released by Freedonia Focus Reports. Each month, The Freedonia Group—a division of MarketResearch.com—publishes more than 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries.
Builders will benefit from rising levels of employment and strengthening consumer finances. Population growth and household creation will also support gains. Despite the robust annual growth projected for housing starts, total 2022 activity is only expected to reach 2007 levels. The vitality of the housing market in the years leading up to 2007 was boosted by unsustainable factors (e.g., easy access to credit) that are unlikely to reoccur in the forecast period.
Single-unit conventional housing starts are projected to remain the largest segment. Rising household formation will continue to support new residential construction. However, the average size of new single-unit conventional homes is expected to decline to 2022, reversing the gains of the 2007 to 2017 decade.
Other key insights are featured in the report include forecasts to 2022 US housing starts and the housing stock in units, average floor space per new and existing units in square feet. Each measure is segmented by housing type.
In the report, housing starts and the housing stock, as well as existing home sales, are segmented by region as follows: South, Midwest, West, Northeast. Furthermore, spending on residential building construction in US dollars is forecast to 2022 and is segmented by type as follows: single-unit, multiple-unit, and improvements.
Find the full report here.