By Suzanne De Vita | RisMedia
Home building is floundering against soaring demand, with inventory now at its lowest in two decades. Are any markets keeping up?
New construction is taking off in at least three, where each are expected to gain more than 40,000 new homes this year, according to a recent study by Trulia. Activity is exploding in Dallas and Houston, Texas, and New York, N.Y., the study found, with Dallas adding 48,772 homes to its stock, Houston growing by 47,946, and New York expanding by 40,006.
Researchers analyzed building permit data from the U.S. Census Bureau from 1980 to 2016, and the first half of 2017—which offer a basis to estimate ground-breaking—to project how many new homes will be built across the largest 100 metropolitan areas this year, and which metro areas are constructing more than their historical average. The markets set to have the most permits after Dallas, Houston and New York? Austin, Texas (29,872) and Phoenix, Ariz. (29,280). Austin, markedly, is also outdoing its norm, with 107.7 percent more permits, followed by Charleston, S.C. (72.8 percent more) and Nashville, Tenn. (65.8 percent more).
