December 2025 Residential Construction

Below the paywall are the newly updated Census estimates of residential construction activity. The slow boring recovery continues.

I will also go through an extensive discussion about where we are and how we got here and why the supply shortage matters a lot more than, say, mortgage rates, regarding near term trends in construction. It is a long set of stories. And, maybe they are just-so stories. But I think it ties together various odd strands of 30 years of housing activity.