Single-family housing fared far worse than expected this year but could rebound in the coming years, according to the National Association of Home Builders. During NAHB’s Construction Forecast Conference on Oct. 27, chief economist David Crowe estimated that 2010 will close with an 8% increase in single-family home construction starts to 479,000 units. That is a major adjustment from NAHB’s May forecast, which predicted a 25% increase this year. Multifamily housing has fared better than expected: Although its May analysis called for an 18% drop in starts, NAHB now forecasts a 12% rise for the year to 125,000 units. Crowe
Despite a faltering international market, 2015 and the beginning of 2016 are proving to be strong years for U.S. contractors, with steady domestic growth and only moderate strain from workforce shortages.