Projections in Ontario’s budget for housing starts show the province’s target to build 1.5 million homes in 10 years slipping further out of reach with each passing year. Nearly 100,000 homes were built in the province in 2022, the first year counting toward the goal, but the forecast shows the number of housing starts in…
US Single-Family Housing Starts Drop in November Due to High Mortgage Rates
December 21, 2022
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Monthly construction of new single-family homes and building permits fell to a two and a half year low in November. This was caused by higher mortgage rates combined with inflation, which further weakened housing market activity, according to a report from the U.S. Census Bureau, on Dec. 20. The single-family housing market once boomed during…
The 23 Construction Steps to Build a New Home
Dear Monty: We have decided to build a new home. We have seen no existing home we like well enough to own. What are the actual steps in the construction process? Monty’s Answer: Assuming a poured concrete full basement and a 2,500-square-foot ranch home, without comment on cost, financing, timetable or builder variances in step…
US Construction Spending Rose in November, Led by Residential Market: Commerce Department
The Commerce Department’s Jan. 3 report announced that total construction spending rose 0.4 percent in November 2021 at a seasonally adjusted annual rate of $1,625.9 billion, amid strong gains in single family home construction after a similar upswing in October. Spending in October was revised by the Commerce Department up to 0.4 percent at $1,618.8 billion, from the prior…
Construction Boom a Faint Hope to Prospective Home Buyers
News Analysis Construction for nearly 600,000 single-family homes started across America in the six months ending October, the most since 2006 before the Great Recession. That’s up 14 percent from the year before and more than 150 percent from a decade ago, according to data from the federal housing department and Census Bureau. The construction…
Apartment Building Construction Rises Sharply in August; Single-Family Housing Declines
Home construction saw a better-than-expected rebound in August after a contraction a month earlier, though the strength was all on the back of sharp gains in apartment building, while the single-family house sector saw declines. Housing starts in the United States rose 3.9 percent in August to a seasonally adjusted annual rate of 1.615 million…
Home Construction Slumps as Supply Constraints Weigh on Production
Home construction fell sharply in July, adding to evidence that elevated construction costs and surging house prices continued to be a headwind for the housing market. Housing starts fell 7 percent to a seasonally adjusted annual rate of 1.534 million units last month, according to a Commerce Department report (pdf). While this is the slowest…
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