How Many New Homes Are Under Construction Today?
Low interest rates and strong housing demand unleashed a massive wave of new home construction during the latter stages of the COVID-19 pandemic. By 2023, there were nearly one million apartments under construction across the United States, more than ever before. Total housing production (i.e., apartments, condos, single-family homes) also reached record highs, even as interest rate increases tempered single-family construction.
The chart below plots the number of privately-owned housing units under construction every month back to January 1970. Units are split into three groups: single-family homes, small multifamily homes (those in buildings comprised of 2-4 units), and large multifamily homes (those in buildings comprised of 5 or more units). You can use the Select Date Range slider to zoom in on smaller time periods.