Gains in Single-Family Housing Expected to Increase in 2022
WASHINGTON, DC — Breaking an eight-year trend, there have been more single-family homes under construction in recent months than multifamily units, according to the National Association of Home Builders, which predicted additional gains in single-family construction in 2022.
Despite some cooling earlier this year, the continued strength of single-family construction in 2021 means that there are now 28% more single-family homes under construction than a year ago, said Robert Dietz, chief economist for the Washington, DC-based NAHB.
“These gains mean single-family completions will increase in 2022, bringing more inventory to market despite a 19% year-over-year rise in construction material costs and longer construction times,” Dietz said.
Ongoing single-family and multifamily housing production accelerated in November, due to strong demand, with overall housing starts increasing 11.8% to a seasonally adjusted annual rate of 1.68 million units, according to U.S. government figures.
Despite inflation concerns and ongoing production bottlenecks, builder confidence in the market for newly built single-family homes also edged higher for the fourth consecutive month on strong consumer demand and limited existing inventory, the NAHB added.
“While demand remains strong, finding workers, predicting pricing and dealing with material delays remains a challenge,” said Dietz. “Building has increased but the industry faces constraints, namely cost/availability of materials, labor and lots. And while 2021 single-family starts are expected to end the year 24% higher than the pre-COVID 2019 level, we expect that higher interest rates in 2022 will put a damper on housing affordability.”
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Demand Seen Strong for Aging-in-Place Remodeling Projects
FOSTER CITY, CA — A significant percentage of American homeowners across multiple home-improvement trades plan to explore aging-in-place projects for themselves or a loved one in the coming year, a newly released survey reveals.
According to the survey’s findings, some 63% of the homeowners polled report that they will explore aging-in-place home improvement projects for themselves within the next 12 months, while another 6% plan to do so for a loved one.
The November survey, which involved some 2,110 respondents in the U.S., was conducted by Modernize Home Services, a Foster City, CA-based online firm that connects homeowners with contractors and other home-services professionals. The company operates in more than 15 home segments, including bathrooms and kitchens.
Among the primary projects to be considered, researchers said, are bath remodels that feature walk-in tubs and seats within a shower. Other aging-in-place products in high demand include medical alerts, non-slip flooring, stair lifts, grab bars and wider hallways.
“There are a few projects that offer more safety and security – such as installing brighter lightbulbs – that can be done by any homeowner, but more complex projects like walk-in tubs and concurrent bath and kitchen upgrades require professionals,” said Modernize V.P. Gregg Hicks. “This study shows an opportunity for contractors to capitalize on the increased demand for aging-in-place home improvement projects in the coming years.”
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