New Construction Starts of Multifamily Homes Are Up 16.5% Year Over Year

Total housing starts are down 7.7% year over year, which is at the lowest it's been since the pandemic began. Builders did resume building for a while but they're feeling a little gun shy about continuing to build new inventory in the single-family home sector. Freddie Mac was putting out warnings right before the pandemic about this housing shortage and the pandemic only made it worse through both labor and supply chain shortages.