Housing starts were up 2.4% in 2017 compared to 2016 according to newly released data from the US Department of Housing and Urban Development and the Commerce Department. Total housing starts were 1.2 million in 2017. Residential construction was strongest in the West in 2017.
Over 70% of total starts were single-family homes, which is a positive signal for the economy and for wood product demand. Single-family starts grew by 8.5% from 2016, while multi-family construction fell by over 10%.
The National Association of Home Builders predicts continued growth in housing production in 2018. The association forecasts a 2.7% growth in starts to 1.25 million units in 2018.