Single-family construction grew in all geographic regions during the fourth quarter of 2024 due to a lack of existing home inventory, according to the National Association of Home Builders Home Building Geography Index.
This is the fourth consecutive quarter of single-family growth across the seven key geographic areas.
The largest amount of single-family construction took place in small metro core counties and large metro suburban counties, which represented 29.1% and 24.7% of new construction in the fourth quarter of 2024.
“Single-family construction has been holding remarkably steady despite elevated mortgage rates and tight lending standards for construction and development loans,” NAHB Chief Economist Robert Dietz said in a statement. “An easing regulatory environment and tax cuts could act as tailwinds, but tariffs and potentially higher deficits could dampen market momentum. Additionally, a growing trend away from work-from-home could increase building activity in inner suburbs in the quarters ahead.”
Read the full report here.
