Excerpt:
Census released the annual data on the length of time from start to completion, and this showed construction delays in 2022.
In 2022, it took an average of 8.3 months from start to completion for single family homes, up from already elevated 7.2 months in 2021. For 2+ unit buildings, it took 17.0 months for buildings with 2 or more units in 2022, up from 15.4 months in 2021. This will be even longer for multi-family in 2023 as many of these units that have been under construction are completed this year.
The delays following the housing bubble were due to many projects being mothballed for several years. The recent delays were due to pandemic related supply constraints.
From Authorization to Start, it took 1.3 months in 2022 for single family homes, up from 1.3 months in 2021, and it took 2.8 months in 2021 for 2+ Unit buildings, up from 2.2 months.
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The weakness in 2022 was mostly for single family starts. I expect multi-family starts to turn down in 2023.
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