The dominance of multifamily unit (condos, apartments) constructions
relative to single family units may be reducing the macroeconomic impact of the
housing recovery –
According to the WSJ piece –
“The forces hindering home building matter a lot. New single-family homes give the economy a bigger boost than existing-home sales or the construction of new apartments, which is booming as more people rent. The National Association of Home Builders estimates that building a single-family home supports three full-time jobs for a year in construction and ancillary services. In comparison, it estimates that construction of a condo or apartment unit supports one full-time job.”
“The forces hindering home building matter a lot. New single-family homes give the economy a bigger boost than existing-home sales or the construction of new apartments, which is booming as more people rent. The National Association of Home Builders estimates that building a single-family home supports three full-time jobs for a year in construction and ancillary services. In comparison, it estimates that construction of a condo or apartment unit supports one full-time job.”