Principia is publishing a series of infographics highlighting demand, supply, forecast growth, and housing statistics, for 2020. Part 4 features housing statistics and data.
Demand for housing and building materials going into 2020 was strong.
Residential permits grew an average of 4% annually between 2017 and 2020, with single family permits growing slightly faster than multifamily. Permits are projected to grow 2% annually to 2023, with single family projected to grow faster than multifamily.
Existing home demand surged in 2020, as homeowners searched to find new homes. This surge caused the available months’ supply of homes to fall to 3.3 months, the lowest in over 50 years. The sale of an existing home typically triggers home remodeling projects, either by the seller seeking to improve the likelihood of the sale or by the buyer looking to update to their aesthetic preferences.
Principia conducts a wide range of secondary research including macroeconomic data, such as home sales, put-in-place spending, and new residential construction starts. Principia updates macroeconomic data regularly and publishes the data for subscribers in an online, interactive dashboard format. Contact us today to learn more.