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Housing Markets Predicted to Continue Post-Recession Rally
Still Room for 'Catching Up'


ConstructConnect predicts multifamily starts will expand gradually from 2017 to 2021, while single-family and multifamily combined should increase 32 percent over the same five-year period.

Homebuilding markets have been struggling to regain "equilibrium" since the housing crisis, but the single-family sector should make significant inroads over the next five years, according to a study by ConstructConnect.

The analysis, written by senior economist Alex Carrick, summarizes U.S. homebuilding in a series of graphs that depict actual results from 1960 to 2016, and also contains forecasts for 2017 to 2021.

"The defining feature in all the charts is the deep trough that occurred in unit starts, as a result of the subprime mortgage meltdown in 2009-2011," Carrick wrote. "Over the forecast period, there is still plenty of room for catching up."

Single-family starts are expected to increase from just over 780,000 units in 2016 to nearly 1.1 million in 2021, or a gain of more than 40 percent.

Meantime, multi-family starts are expected to continue climbing, but only gradually, out to 2021. Carrick said: "This sector will rise 15 percent, from 386,000 units in 2016 to 445,000 units in 2021."

Together, the single-family and multifamily sectors are predicted to climb from a little less than 1.2 million units in 2016 to slightly more than 1.5 million in 2021, a hike of 32 percent.

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July 16, 2019, 12:20 pm PDT

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