US Townhouse Construction: 3Q 2019
According to US National Association of Home Builders analysis of the most recent US Census Dept data of Starts and Completions by Purpose and Design, townhouse construction may be nearing the end of its recent slowdown, showing relatively flat construction conditions for 3Q 2019.
Nonetheless, townhouse construction is set for further expansion given the demographics of renters entering the for-sale market, as well as ongoing land constraints and the growth of demand for walkable neighborhoods.
Over the last four quarters (ending with 3Q 2019), US townhouse construction starts totalled 111,000, 10% lower than the prior four quarters.
However, townhouses, or single-family attached housing, accounted for 32,000 starts during the third quarter of 2019. — NAHB Eye on Housing
This was only slightly lower than the 33,000 total for 3Q 2018, indicating some recent momentum.
Using a one-year moving average, the market share of new townhouses stands at 12.9% of all single-family starts, off recent post-recession highs.
US Single Family Home Built-for-Rent Construction: 3Q 2019
The number of single-family homes built-for-rent in the US posted a small decline during 3Q 2019. Single-family built-for-rent (SFBFR) construction does differ in structure characteristics compared other single-family homes. According to NAHB’s analysis of data from the US Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were 11,000 single-family built-for-rent starts for the third quarter of 2019.
Over the last four quarters, 41,000 such homes began construction, which is lower than the 45,000 estimated SFBFR starts for the four quarter prior to that period. — NAHB Eye on Housing
