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Shorter Apartment Construction Time in 2024

Na Zhao2025-10-06T09:14:42-05:00

The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2024, according to the 2024 Survey of Construction (SOC) from the Census Bureau. On average, it took 19.6 months from permit to completion, about 0.3 months shorter than in 2023. While construction timelines remain lengthy, this modest decline occurred despite the industry continuing to grapple with a shortage of skilled labor. The average time to build multifamily homes varies with the number of units in the building. In general, the more units, the longer the construction time. In 2024, buildings with 20 or more units took the longest, 22.1 months, to build after obtaining authorization. By contrast, 2-to-4-unit buildings were finished the fastest, averaging 15.3 months. Mid-sized projects fell in between, with 10-to-19-unit buildings averaging 19.2 months and 5-to-9-unit buildings averaging 19.1 months. Year-over-year changes show a mixed pattern. Completion times for 2-to-4-unit buildings shortened by 2.3 months, while 10-to-19-unit projects took 2.3 months longer. The biggest increase occurred for 5-to-9-unit buildings, which required 2.2 more months to complete than in 2023. The 2024 SOC data also show a significant regional variation in the average construction duration of multifamily buildings. The Northeast had the longest time from authorization to completion at 23.4 months, followed by the West at 19.9 months, and then the South with 18.5 months. The shortest permit-to-completion period happened in the Midwest with 17.3 months. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Shorter Apartment Construction Time in 2024Na Zhao2025-10-06T09:14:42-05:00

17% of NAHB Builders Built Age-Restricted Housing in 2024

Eric Lynch2025-10-02T08:19:50-05:00

Only 17% of NAHB builder members build age-restricted housing for people age 55 or older, according to 2024 Member Census. This is up two percentage points from the previous year. However, this share has remained within a narrow band (15%-17%) since the question was added to the member census in 2009. The likelihood of building age-restricted housing generally increases with the size of the company. Among builders with 25 or fewer starts in 2024, only 16% to 17% build this type of housing, compared to 36% among those with 100+ starts. Across business activities, multifamily builders are significantly more likely to build for the 55+ population (44%) than single-family builders (19%) or manufacturers of modular/panelized/log homes (32%). The median age of the U.S. population continues to increase, inching closer to 40. With more than 30% of the U.S. population over the age of 55, this growing demographic group will remain a significant segment of the market for years to come. In 2024, 43,000 housing units were started in age-restricted communities, but this is down 16% from the previous year. For the existing housing stock, aging-in-place remodeling work is a way to satisfy the demands of an older population looking to remain in their homes longer. For more details about NAHB builder members, please visit housingeconomics.com or click here for the full article. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

17% of NAHB Builders Built Age-Restricted Housing in 2024Eric Lynch2025-10-02T08:19:50-05:00

Single-Family Homes Are Built Faster in 2024

Na Zhao2025-09-22T09:15:57-05:00

Building a new single-family home took less time in 2024 compared to the previous two years. On average, it now takes 9.1 months from start to finish. That includes 1.4 months for authorization to start construction and another 7.6 months to finish construction. Data from the Census Bureau’s Survey of Construction shows that single-family construction timelines have shortened as supply chain challenges have eased after the pandemic. However, it is still almost two months longer than the average completion time in 2015. The extra time is largely attributable to a more stringent regulatory environment, elevated mortgage rates, and a shortage of skilled labor. Among all single-family houses completed in 2024, homes built for sale required the shortest amount of time, 7.6 months from obtaining building permits to completion. Meanwhile, homes built by owners required the longest time, 15.1 months. Homes built by hired contractors took about 12 months, and homes built-for-rent took about 12.5 months from authorization to completion. The chart below illustrates that permit-to-completion time differs across home sizes. The smallest single-family homes, under 1,200 sq. ft., required 14.2 months to finish, relatively longer than every other size homes except those over 5,999 sq. ft. This prolonged period is primarily because half of these smaller homes are constructed specifically for rental purposes, which typically takes longer building time from authorization. In contrast, homes ranging from 1,200 to 3,999 sq. ft. are built at the average building time, typically around 9 months. As the size increases beyond 4,000 sq. ft., there is a noticeable upward trend in completion times. Homes with 4,000-4,999 sq. ft. take about 10.7 months, while those between 5,000- 5,999 sq. ft. extend to around 14 months. Homes over 6,000 sq. ft. take the longest to build, requiring almost 16 months from permit to finish. The average time from authorization to completion also varies across divisions. The division with the longest duration was the Middle Atlantic (13.7 months), followed by New England (13.1 months), the Pacific division (10.8 months), the Mountain division (10 months), and the East North Central division (9.4 months) in 2024. These five divisions exceeded the nation’s average of 9.1 months. The shortest period, 7.8 months, is registered in the South Atlantic division. The average waiting period from permit to construction start varies from the shortest time of 0.9 months in the East North Central to the longest of 2.1 months in the Pacific division. The SOC also collects additional information for houses built for sale, including a sale date when buyers sign sale contracts or make a deposit. Looking at single-family homes built for sale and completed in 2024, 15.2% were sold before construction started, 33% sold while under construction, 17% sold during the month of completion, and 27% sold after completion. The share of completed houses remaining unsold was 7.8% at point of survey. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Single-Family Homes Are Built Faster in 2024Na Zhao2025-09-22T09:15:57-05:00

Who are NAHB Associate Members?

Eric Lynch2025-09-19T08:19:23-05:00

Every year since 2008, the NAHB has conducted a member census in order to better understand the composition and characteristics of the people who belong to its organization. Similar to a previous post about builder members, NAHB conducted a related analysis of its associate members. In 2024, 65% of NAHB’s members were associate members—those involved in a wide range of support industries and professions including, among others, trade contractors, manufacturers, retailers/distributors, designers, and architects. Of the 71,170 associate members, 42% are primarily subcontractor/specialty trade contractors, 12% have a professional specialty, 10% are in financial services, 9% are retail dealerships or distributorships, 5% are wholesale dealerships or distributorships, and the remaining 18% have some other type of primary activity. In 2024, associate members had a median of 12 employees on payroll, which has been unchanged since 2022. Twenty-three percent of associate members had 1-4 employees, 19% had 5 to 9, 37% (plurality) had 10 to 49, and 19% had 50 or more employees. Two percent had no payroll at all. The median revenue of NAHB associate members was $3.02 million in 2024, a slight increase from $3.00 million in 2023 and the highest in the 17-year history of the Census. In 2024, the median age of NAHB associate members was 56 which has remained constant since 2022. Four percent of associate members were less than 35 years old, 16% were 35 to 44, 25% were 45 to 54, 34% (plurality) were 55 to 64, and 20% were 65 or older. The share of associate members who identify as female stands at 25%, up one percentage point from 2023. For more details about NAHB associate members and a profile of each type of member, please visit housingeconomics.com or click here for the full article. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Who are NAHB Associate Members?Eric Lynch2025-09-19T08:19:23-05:00

Women in Construction Reach Highest Share in Two Decades

Na Zhao2025-09-18T09:14:54-05:00

In 2024, the number of women employed in the construction industry rose to around 1.34 million. Women now represent 11.2% of the construction workforce, the highest share in the past 20 years. This rise aligns with the growing presence of white-collar jobs in the industry. As the industry continues to face a persistent shortage of skilled labor, expanding the workforce remains one of the top priorities of the industry. Increasing the participation of women into the construction labor force represents a potential opportunity for future growth. This article examines the role of women in construction using labor force statistics from the Current Population Survey (CPS). The Great Recession brought a sharp contraction in the number of women working in construction, dropping by nearly 30% to 807,000 by 2010. From 2010 to 2017, the number gradually rose to around 970,000 but remained below the peak of pre-recession levels. In recent years, however, growth has accelerated, with the number of women in construction reaching a record of 1.34 million in 2024. Currently, women make up 11.2% of the construction workforce. According to the CPS data, most women in the construction industry are employed in occupations such as office and administrative support, management, and business and financial operations. Sales and office occupations employed the highest number of women within the construction industry, with women making up 65.7% of these workers. This includes 437,000 women in office and administrative support, and 39,000 in sales and related occupations.. Additionally, about 521,000 women held roles in management, professional, and related occupations, though they only took up 18% of all management positions. While construction and maintenance occupations account for the largest number of employees in construction and are where additional workers are most needed, women comprise only 4% (307,000) of such occupations. Additional steps should be taken to attract female workers into these high-demand occupations. Other occupation groups within the industry such as production, transportation, and material moving occupations, and service occupations employed only around 22,000 female workers. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Women in Construction Reach Highest Share in Two DecadesNa Zhao2025-09-18T09:14:54-05:00

Who Are NAHB Remodelers?

Eric Lynch2025-09-09T08:27:07-05:00

Twenty-one percent of NAHB builder members listed residential remodeling as their primary business activity, according to the 2024 Member Census. These remodelers tend to be relatively small companies, with a median of five employees, $1.7 million in median revenue, and 15 remodeling jobs completed over $10,000. Dollar Volume of Business Activity in 2024 Over 80% of remodelers earned less than $5 million in 2024: 24% reported a dollar volume of less than $500,000, 18% reported between $500,000 and $999,999, 44% (plurality) between $1.0 and $4.9 million, 9% between $5.0 and $9.9 million, 2% between $10.0 million and $14.9 million, and another 2% reported $15.0 million or more. The median annual revenue for residential remodelers in 2024 was $1.7 million. For comparison, the Small Business Administration’s size standards classify residential remodelers as small if they have average annual receipts of $45.0 million or less. Number of Residential Remodeling Jobs >$10,000 Completed in 2024 The typical residential remodeler completed 15 jobs costing more than $10,000 in 2024. Twenty percent completed 1 to 5 jobs of this size, 19% did 6 to 10, 25% did 11 to 25, another 25% did 26 to 99, and 7% completed 100 or more jobs costing more than $10,000. More than half of remodelers are secondarily engaged in single-family home building. The typical residential remodeler started one housing unit and had five employees on payroll in 2024. For more details about NAHB builder members containing this profile of remodelers, please visit housingeconomics.com or click here for the full article. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Who Are NAHB Remodelers?Eric Lynch2025-09-09T08:27:07-05:00

Lots Still in Relatively Short Supply

Paul Emrath2025-09-04T11:15:46-05:00

Although shortages are not quite as widespread as they were in 2021, obtaining lots remains a challenge for many builders, according to recent results from the NAHB/Wells Fargo Housing Market Index (HMI) survey. In special questions on the May 2025 HMI survey, 38% of single-family builders characterized the supply of lots as low, and another 26% said it was very low, for a total of 64% reporting some type of shortage. This is down slightly from the 67% reported in both 2023 and 2024, and down significantly from the peak of 76% in 2021 (a year after the COVID-19 outbreak). Nevertheless, at 64% the shortage percentage is higher than it had been at any time between 1997 (when NAHB first began tracking the number) and 2016. The current lot shortage seems particularly severe relative to the level of new housing production. Before the historic 2009-2010 trough in housing starts, the share of builders reporting a low or very low supply of lots never exceeded 53%—even in 2005 when starts topped 2.0 million. However, by 2015, when starts had partially recovered (from the trough of under 600,000 to 1.1 million), the share of builders reporting lot shortages unexpectedly climbed to over 60%, and it has remained there stubbornly ever since. Over the past three years, the annual starts rate has been consistently under 1.5 million (approximately the long-run average from 1970 through 2000), while the share of builders reporting a low availability of lots has never dipped below 64%. In addition to overall lot supply, the HMI survey asks builders to rate the supply of A, B and C lots individually. Not surprisingly, shortages tend to be most acute among lots in the most desirable, or “A,” locations. In the May 2025 survey, 67% of builders said that the supply of “A” lots was low or very low, compared to 62% for “B” lots and 52% for “C” lots. None of these percentages were drastically different than they had been in 2024. A shortage of lots is not the only headwind the home building industry is facing. Rising cost of materials, availability of credit for builders, finding enough skilled labor, and inefficient regulatory costs all remain significant issues. An inadequate supply of lots simply adds to the list of challenges making it difficult to build homes, especially at the lower end of the price scale, and adversely impacting housing affordability. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Lots Still in Relatively Short SupplyPaul Emrath2025-09-04T11:15:46-05:00

Who Are NAHB’s Builder Members?

Eric Lynch2025-08-26T08:15:19-05:00

The National Association of Home Builders (NAHB) conducts an annual member census to better understand the composition and characteristics of the people who belong to its organization. In 2024, 35% of NAHB’s membership was comprised of builder members—single-family and multifamily builders, residential and commercial remodelers, commercial builders, land developers, and manufacturers of modular/panelized/log homes. The remaining 65% were associate members—those involved in support industry and professions, such as trade contractors, manufacturers, retailers/distributors, designers, and architects. Number of Housing Starts in 2024 The typical builder runs a small business. The median number of homes started by NAHB builders in 2024 was six. This figure has remained unchanged since 2021. Ten percent started one unit, 21% (the plurality) started two or three units, 11% started four or four units, 14% started six to ten, 13% started 11 to 25, 12% started 26 to 99, 7% started 100 to 499, and 4% started 500 homes or more. Eight percent indicated that they did not start any homes in 2024. Median Revenue of Builder Members in 2024 Most builders earned less than $5 million in total revenue in 2024: 13% reported a dollar volume of less than $500,000, 12% reported between $500,000 and $999,999, 35% (plurality) between $1.0 and $4.9 million, 15% between $5.0 and $9.9 million, 7% between $10.0 million and $14.9 million, and 16% reported $15.0 million or more. The median revenue edged up to $3.7 million, up 8% from 2023. For comparison, the Small Business Administration’s size standards classify residential builders and remodelers as small if they have average annual receipts of $45.0 million or less ($34.0 million or less for land developers). Median Number of Employees in 2024 The typical builder member had six employees on payroll in 2024, unchanged from 2023. Due to their status as small businesses and extensive use of subcontractors, many builders carry relatively few employees on their payrolls. For more detail on the 2024 NAHB Builder Member Census, including a profile for each of the seven major categories of builder, please see the August 2025 Special Study. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Who Are NAHB’s Builder Members?Eric Lynch2025-08-26T08:15:19-05:00

Market Share for Modular and Other Non-Site Built Housing in 2024

Danushka Nanayakkara-Skillington2025-08-11T09:17:25-05:00

The total market share of non-site built single-family homes (modular and panelized) was just 3% of single-family homes in 2024, according to completion data from the Census Bureau Survey of Construction data and NAHB analysis. This is the same as the 3% share in 2023. This share has been steadily declining since the early-2000s despite the high-level of interest for non-site built construction. This low market share in fact runs counter to some media commentary on off-site construction suggesting recent gains. Nonetheless, there exists potential for market share gains in the years ahead due to the need to increase productivity in the residential construction sector. In 2024, there were 28,000 total single-family units built using modular (13,000) and panelized/pre-cut (15,000) construction methods, out of a total of 1,019,000 single-family homes completed. It is worth noting that the Census definitions of off-site construction are relatively narrow. In a separate survey, the Home Innovation Research Labs Survey of U.S. Home Builders has a higher share for panelized construction (5-12%) due to a wider definition of “panelized” construction. While the Census-measured market share is small, there exists potential for expansion. This 3% market share for 2024 represents a decline from years prior to the Great Recession. In 1998, 7% of single-family completions were modular (4%) or panelized (3%). This marked the largest share for the 1992-2024 period. One notable regional concentration is found in the Midwest and the Northeast. These two regions have the highest market share of homes built using non-site build methods. In the Midwest, 7% (8,000 homes) of the region’s 136,000 housing units were completed using these methods. In the Northeast, 5% (3,000 homes) of the region’s 66,000 housing units were completed using non-site build methods. However, numerically, the South continues to be the biggest market for this type of construction where 13,000 homes were built using non-site build methods. With respect to multifamily construction, approximately 3% of multifamily buildings (properties, not units) were built using modular and panelized methods. This is significantly lower than the 7% share in 2023 but on par with the average for the last 5 years. It is notable that modular construction method accounted for 2% of this share. In previous years it was only panelized construction methods that made up the higher share of non-site build methods in multifamily construction. Prior to last year, the highest levels of modular and panelized methods share in multifamily construction was in 2000 and 2011, where 5% of multifamily buildings were constructed with modular (1%) or panelized construction methods (4%). Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Market Share for Modular and Other Non-Site Built Housing in 2024Danushka Nanayakkara-Skillington2025-08-11T09:17:25-05:00

Student Housing Construction Rises in the Second Quarter of 2025

Na Zhao2025-08-04T12:17:10-05:00

Private fixed investment in student dormitories inched up 0.3% in the second quarter of 2025, reaching a seasonally adjusted annual rate (SAAR) of $3.9 billion. This gain followed a 1.1% decrease in the previous quarter, as elevated interest rates placed a damper on student housing construction. Moreover, private fixed investment in dorms was 2.1% higher than a year ago Private fixed investment in student housing experienced a surge after the Great Recession, as college enrollment increased from 17.2 million in 2006 to 20.4 million in 2011. However, during the pandemic, private fixed investment in student housing declined drastically from $4.4 billion (SAAR) in the last quarter of 2019 to a lower annual pace of $3 billion in the second quarter of 2021, as COVID-19 interrupted normal on-campus learning. According to the National Student Clearinghouse Research Center, college enrollment fell by 3.6% in the fall of 2020 and by 3.1% in the fall of 2021. Since then, private fixed investment in dorms has rebounded, as college enrollments show a gradual recovery from pandemic driven declines. Effective in-person learning requires college students to return to campuses, boosting the student housing sector. Still, demographic trends are reshaping the outlook for student housing. The U.S. faces slower growth in the college-age population as birth rates declined following the Great Recession. As a result, total enrollment in postsecondary institutions is projected to only increase 8% from 2020 to 2030, according to the National Center for Education Statistics, well below the 37% increase between 2000 and 2010. Despite recent fluctuations, the student housing construction shows signs of recovery and future growth is expected in response to increasing student enrollment projections. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Student Housing Construction Rises in the Second Quarter of 2025 Na Zhao2025-08-04T12:17:10-05:00

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