{"id":740,"date":"2025-03-04T23:38:13","date_gmt":"2025-03-04T23:38:13","guid":{"rendered":"https:\/\/lightingnewsnow.com\/?p=740"},"modified":"2025-03-04T23:38:24","modified_gmt":"2025-03-04T23:38:24","slug":"nahb-reports-single-family-construction-ends-year-with-growth","status":"publish","type":"post","link":"https:\/\/lightingnewsnow.com\/?p=740","title":{"rendered":"NAHB Reports Single-Family Construction Ends Year with Growth"},"content":{"rendered":"\n

Fresh from the most well-attended International Builders\u2019 Show<\/a>s in 17 years \u2013 more than 80,000 builders came to the Las Vegas show last week \u2013 the National Association of Home Builders (NAHB<\/a>) had additional good news to report. A lack of existing home inventory helped propel single-family construction growth in all geographic regions to end 2024, according to the NAHB Home Building Geography Index (HGBI)<\/a>, released on March 4.<\/p>\n\n\n\n

\u201cSingle-family housing construction ended the year with growth as a shortage of existing homes for sale continues to increase demand for newly built homes,\u201d said NAHB chairman Buddy Hughes, a home builder and developer from Lexington, N.C. \u201cMultifamily construction was lackluster in high-density areas, while construction in smaller counties continued to grow and gain market share.\u201d<\/p>\n\n\n\n

Added NAHB chief economist Robert Dietz, \u201cSingle-family construction has been holding remarkably steady, despite elevated mortgage rates and tight lending standards for construction and development loans. Upside and downside risks will become clearer as the new year progresses. An easing regulatory environment and tax cuts could act as tailwinds, but tariffs and potentially higher deficits could dampen market momentum. Additionally, A growing trend away from work-from-home could increase building activity in inner suburbs in the quarters ahead.\u201d<\/p>\n\n\n\n

The HBGI is a quarterly measurement of building conditions across the country and uses county-level information about single and multifamily permits to gauge housing construction growth in various urban and rural geographies.<\/p>\n\n\n\n

The index has registered four consecutive quarters of single-family growth across the seven key geographic and high- and low-density areas. If construction growth remains steadily positive through the start of 2025, anticipated Federal Reserve rate cuts later this year could help spur new construction and keep single-family home building at a more normalized pace.<\/p>\n\n\n\n

The fourth quarter HBGI shows the following market shares in single-family home building:<\/p>\n\n\n\n

16.1% in large metro core counties<\/p>\n\n\n\n

24.7% in large metro suburban counties<\/p>\n\n\n\n

9.4% in large metro outlying counties<\/p>\n\n\n\n

29.1% in small metro core counties<\/p>\n\n\n\n

10.0% in small metro outlying areas<\/p>\n\n\n\n

6.3% in micro counties<\/p>\n\n\n\n

4.2% in non-metro\/micro counties<\/p>\n\n\n\n

Multifamily construction was mostly negative across high-density areas, which represent the largest segments of the market. These high-density areas have seen seven consecutive quarters of contraction after expanding to record highs in 2022. Many of the multifamily units that were started during the record highs in 2022 are starting to reach completion.<\/p>\n\n\n\n

According to the NAHB, the vast number of units that have been under construction over the past year should help to alleviate some shelter inflation, which remains sticky and higher than other components of inflation. As inflation slows, lending conditions will improve, which would help the multifamily market climb back to healthy conditions.<\/p>\n\n\n\n

The full HBGI data with geographic market shares and growth rates can be found here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fresh from the most well-attended International Builders\u2019 Shows in 17 years \u2013 more than 80,000 builders came to the Las Vegas show last week \u2013 the National Association of Home Builders (NAHB) had additional good news to report. A lack of existing home inventory helped propel single-family construction growth in all geographic regions to end…<\/p>\n","protected":false},"author":2,"featured_media":741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":51,"footnotes":""},"categories":[11],"tags":[158,159,157,160],"class_list":["post-740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-builders-show","tag-hbgi","tag-nahb","tag-single-family-construction"],"yoast_head":"\nNAHB Reports Single-Family Construction Ends Year with Growth - Lighting News Now<\/title>\n<meta name=\"description\" content=\"The NAHB reports that a lack of existing home inventory helped propel single-family construction growth in all geographic regions to end 2024,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lightingnewsnow.com\/?p=740\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAHB Reports Single-Family Construction Ends Year with Growth - 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