Less new home construction likely in 2022

Green Escrow | New construction, housing

According to the Commerce Department, new home construction increased by 13.4 percent in 2021 over 2020. However, analysts don’t expect 2022 totals to match that due primarily to supply chain issues.

To add to the problems, the price and availability of building materials only continue to increase.

The National Association of Home Builders expects flat construction of single-family homes in 2022 while multifamily dwellings are expected to increase.