For the past 20 years, construction of new housing in the U.S. fell short by 5.5 million units.
- Lobby groups in the industry hope that the report can convince legislators to consider housing investments in infrastructure packages.
- Since 2001 to 2020, U.S constructors have been adding an average of 1.225 million new houses yearly.
- The 5.5 million house shortage consists of two million-single family homes, 1.1 million units in buildings with 2-4 units and 2.4 million units in buildings with at least 5 units.
The report showed building of new homes was less by 6.8 million units than that required to match household-formation growth and replace worn out ones or destroyed by natural calamities.
SPDR Homebuilders ETF is down 0.77%
Source: National Association of Realtors