CLEVELAND, Sept. 13, 2018 /PRNewswire/ — US housing starts are forecast to see annual growth of 2.4% through 2022, according to Housing: United States, a report recently released by Freedonia Focus Reports. 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 2007-2017 decade.
These and other insights are featured in Housing: United States. This report forecasts to 2022 US housing starts and the housing stock in units, and average floor space per new and existing units in square feet.
SOURCE The Freedonia Group