New construction is often pointed to as one possible solution to the lack of affordable housing in this country. Indeed, it’s rare these days to read a National Association of Realtors release of market data that’s unaccompanied by a remark from the organization’s chief economist about the need for more building activity in the entry-level sector.
The numbers back up the rhetoric. The National Association of Home Builder announced last week that over the first six months of 2019, the issuance of single-family permits was down 6.1 percent over this time last year. A whopping 42 states registered a decline in single-family permits issued over this time period, with Illinois clocking in at a -10.2 percent growth rate year-over-year. More here