In 2015, single-family starts totaled 713,000 and in 2016, 783,000, up 9.8%. Remaining housing starts fell from 395,000 to 385,000. Overall, starts rose from 1.108 million to 1.168 million. Multifamily has recovered, but single-family starts remain at recessionary lows 7.5 years into a recovery! Worse, labor and lots are in short supply and home prices and rates continue rising. Given these headwinds, single-family activity rises at most 8% in 2017.
Elliot F. Eisenberg, Ph.D.