Construction rates have been steadily increasing since 2010. In April 2015, construction spending reached a significant milestone by passing the trillion dollar point. This has not been achieved since 2008.
Has this spike satiated the housing needs? According to the National Association of Realtor’s chief economist, Lawrence Yun, PhD, “Everything real estate is coming alive. More gains are in the cards for later in the year since home construction will no doubt increase from the shortage of housing inventory. Commercial real estate construction is also needed since vacancy rates across all property types have been inching down.”
Source: Realtor.org