GITNUXREPORT 2026

Home Building Industry Statistics

The U.S. home building industry is a massive and growing trillion-dollar economic engine.

Alexander Schmidt

Research Analyst specializing in technology and digital transformation trends.

First published: Feb 13, 2026

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Statistic 1

Lumber prices increased 12% YoY in 2023 for home builders.

Statistic 2

Softwood lumber cost averaged $450 per thousand board feet in 2023.

Statistic 3

Overall building material costs rose 4.1% in 2023.

Statistic 4

Labor costs accounted for 30% of total home building costs in 2023.

Statistic 5

OSB prices fell 20% but still high at $300 per 1,000 sq ft in 2023.

Statistic 6

Concrete costs rose 6.5% YoY for residential foundations in 2023.

Statistic 7

Land acquisition costs increased 7% to average $65,000 per lot in 2023.

Statistic 8

Drywall prices averaged $15 per 4x8 sheet in 2023.

Statistic 9

Steel prices for rebar up 8% in residential use 2023.

Statistic 10

Energy costs for construction sites rose 10% in 2023.

Statistic 11

Appliance costs increased 5% for new homes in 2023.

Statistic 12

Roofing materials costs up 4.2% YoY in 2023.

Statistic 13

HVAC system average cost $12,000 per home in 2023.

Statistic 14

Cabinetry costs rose 6% to $15,000 average in 2023.

Statistic 15

Window and door costs averaged $20,000 per new home 2023.

Statistic 16

Regulatory costs added 24.3% to new home prices in 2023.

Statistic 17

Insurance premiums for builders up 15% in 2023.

Statistic 18

Freight costs for materials increased 9% in 2023.

Statistic 19

Median new home sales price was $417,700 in 2023.

Statistic 20

New single-family home sales totaled 668,000 in 2023.

Statistic 21

Existing home sales were 4.09 million in 2023.

Statistic 22

New home inventory averaged 8.3 months supply in 2023.

Statistic 23

Home price appreciation slowed to 4.8% YoY in 2023.

Statistic 24

Builder confidence index averaged 42 in 2023.

Statistic 25

Pending home sales fell 8% in 2023.

Statistic 26

New home sales pace SAAR 664,000 in December 2023.

Statistic 27

Mortgage applications for purchases down 20% in 2023.

Statistic 28

Average new home size was 2,413 sq ft in 2023.

Statistic 29

30-year mortgage rate averaged 6.8% in 2023.

Statistic 30

First-time buyer share of sales was 26% in 2023.

Statistic 31

New home affordability index at 135 in 2023.

Statistic 32

Rental vacancy rate influenced new builds at 6.6% in 2023.

Statistic 33

Home flipping rate was 22% of sales in 2023.

Statistic 34

New home price discount from list averaged 3% in 2023.

Statistic 35

Millennial buyers 38% of new home purchases in 2023.

Statistic 36

Energy-efficient homes sales up 15% in 2023.

Statistic 37

Smart home features in 65% of new builds sold 2023.

Statistic 38

Regional sales leaders: South 45% of new sales 2023.

Statistic 39

The U.S. construction industry employed 8.1 million workers in 2023, with residential at 40%.

Statistic 40

Home builders reported a labor shortage affecting 87% of firms in 2023.

Statistic 41

Average hourly wage for construction laborers was $29.50 in 2023.

Statistic 42

Residential construction added 150,000 jobs in 2023.

Statistic 43

24% of home builders cited labor shortages as top issue in 2023 survey.

Statistic 44

Carpenter employment in residential building was 1.2 million in 2023.

Statistic 45

Labor costs rose 5.8% YoY for home builders in 2023.

Statistic 46

82% of builders turned down work due to labor shortage in 2023.

Statistic 47

Construction manager salaries averaged $105,000 in residential sector 2023.

Statistic 48

Immigrant workers comprised 30% of residential construction workforce in 2023.

Statistic 49

Home builder employment growth was 2.1% in 2023.

Statistic 50

Electrician employment in home building reached 85,000 in 2023.

Statistic 51

65% of builders increased wages to attract labor in 2023.

Statistic 52

Plumber employment averaged 48,000 in new home construction 2023.

Statistic 53

Labor productivity in residential construction fell 1.2% in 2023.

Statistic 54

Women represented 10.5% of construction workforce in 2023.

Statistic 55

Overtime hours for construction workers averaged 3.2 per week in 2023.

Statistic 56

Training programs filled 15% of labor gaps for builders in 2023.

Statistic 57

Framers earned median $24.50/hour in residential building 2023.

Statistic 58

The U.S. residential construction market size was valued at $906.1 billion in 2023.

Statistic 59

The global home building industry is projected to reach $3.5 trillion by 2028.

Statistic 60

U.S. single-family homebuilding revenue reached $250 billion in 2022.

Statistic 61

The home building sector contributed 4.1% to U.S. GDP in 2023.

Statistic 62

Multifamily construction spending hit $100 billion in Q4 2023.

Statistic 63

U.S. home builders' average revenue per company was $12.5 million in 2023.

Statistic 64

The residential building construction industry employed 3.4 million workers in 2023.

Statistic 65

Home building investments totaled $1.1 trillion in the U.S. in 2022.

Statistic 66

U.S. new home construction market share held by top 100 builders was 30% in 2023.

Statistic 67

The value of new residential construction put in place was $922 billion in 2023.

Statistic 68

Global prefabricated home building market size was $125 billion in 2023.

Statistic 69

U.S. home remodeling market, related to building, was $450 billion in 2023.

Statistic 70

Single-family detached home building accounted for 75% of U.S. residential starts in 2023.

Statistic 71

The home building industry's profit margin averaged 8.5% in 2023.

Statistic 72

U.S. luxury home building segment grew 5% to $50 billion in 2023.

Statistic 73

Total U.S. housing construction output increased 2.3% YoY in 2023.

Statistic 74

Home building contributed $200 billion in taxes in 2022.

Statistic 75

U.S. modular home construction market valued at $15 billion in 2023.

Statistic 76

Residential construction market CAGR expected at 5.2% through 2030.

Statistic 77

U.S. home builder backlog averaged 8 months in 2023.

Statistic 78

The U.S. new housing starts totaled 1.415 million units in 2023.

Statistic 79

Building permits for new single-family homes reached 934,000 in 2023.

Statistic 80

Housing completions were 1.429 million units in 2023.

Statistic 81

Single-family housing starts averaged 980,000 annually in 2023.

Statistic 82

Multifamily starts hit 477,000 units in 2023.

Statistic 83

New residential permits issued totaled 1.452 million in 2023.

Statistic 84

Single-family completions were 947,000 units in 2023.

Statistic 85

Housing starts in the South region were 628,000 in 2023.

Statistic 86

Under-construction single-family homes averaged 303,000 in 2023.

Statistic 87

Building permits for single-family structures fell 5% YoY in December 2023.

Statistic 88

Total housing starts SAAR was 1.36 million in January 2024.

Statistic 89

Multifamily completions reached 482,000 in 2023.

Statistic 90

Northeast region housing starts were 112,000 in 2023.

Statistic 91

Midwest housing permits averaged 182,000 in 2023.

Statistic 92

West region single-family starts were 220,000 in 2023.

Statistic 93

Housing starts declined 4.2% in 2023 overall.

Statistic 94

New single-family permits in top metros averaged 10,000 monthly in 2023.

Statistic 95

Total completions SAAR was 1.45 million in Q4 2023.

Statistic 96

Single-family starts in urban areas were 650,000 in 2023.

1/96

Sources

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While towering cranes and freshly poured foundations dominate our skylines, the home building industry's true scale is best measured in staggering trillions, as it quietly pours a $3.5 trillion global future, powers the U.S. economy with a $906 billion annual contribution, and builds the very fabric of our communities for millions.

Key Takeaways

The U.S. residential construction market size was valued at $906.1 billion in 2023.
The global home building industry is projected to reach $3.5 trillion by 2028.
U.S. single-family homebuilding revenue reached $250 billion in 2022.
The U.S. new housing starts totaled 1.415 million units in 2023.
Building permits for new single-family homes reached 934,000 in 2023.
Housing completions were 1.429 million units in 2023.
The U.S. construction industry employed 8.1 million workers in 2023, with residential at 40%.
Home builders reported a labor shortage affecting 87% of firms in 2023.
Average hourly wage for construction laborers was $29.50 in 2023.
Lumber prices increased 12% YoY in 2023 for home builders.
Softwood lumber cost averaged $450 per thousand board feet in 2023.
Overall building material costs rose 4.1% in 2023.
Median new home sales price was $417,700 in 2023.
New single-family home sales totaled 668,000 in 2023.
Existing home sales were 4.09 million in 2023.

The U.S. home building industry is a massive and growing trillion-dollar economic engine.

Costs and Pricing

Lumber prices increased 12% YoY in 2023 for home builders.
Softwood lumber cost averaged $450 per thousand board feet in 2023.
Overall building material costs rose 4.1% in 2023.
Labor costs accounted for 30% of total home building costs in 2023.
OSB prices fell 20% but still high at $300 per 1,000 sq ft in 2023.
Concrete costs rose 6.5% YoY for residential foundations in 2023.
Land acquisition costs increased 7% to average $65,000 per lot in 2023.
Drywall prices averaged $15 per 4x8 sheet in 2023.
Steel prices for rebar up 8% in residential use 2023.
Energy costs for construction sites rose 10% in 2023.
Appliance costs increased 5% for new homes in 2023.
Roofing materials costs up 4.2% YoY in 2023.
HVAC system average cost $12,000 per home in 2023.
Cabinetry costs rose 6% to $15,000 average in 2023.
Window and door costs averaged $20,000 per new home 2023.
Regulatory costs added 24.3% to new home prices in 2023.
Insurance premiums for builders up 15% in 2023.
Freight costs for materials increased 9% in 2023.

Costs and Pricing Interpretation

The price of every nail, board, and bureaucratic stamp keeps climbing, but the real art of homebuilding is figuring out how to assemble a dream from a pile of increasingly expensive parts.

Home Sales Prices and Trends

Median new home sales price was $417,700 in 2023.
New single-family home sales totaled 668,000 in 2023.
Existing home sales were 4.09 million in 2023.
New home inventory averaged 8.3 months supply in 2023.
Home price appreciation slowed to 4.8% YoY in 2023.
Builder confidence index averaged 42 in 2023.
Pending home sales fell 8% in 2023.
New home sales pace SAAR 664,000 in December 2023.
Mortgage applications for purchases down 20% in 2023.
Average new home size was 2,413 sq ft in 2023.
30-year mortgage rate averaged 6.8% in 2023.
First-time buyer share of sales was 26% in 2023.
New home affordability index at 135 in 2023.
Rental vacancy rate influenced new builds at 6.6% in 2023.
Home flipping rate was 22% of sales in 2023.
New home price discount from list averaged 3% in 2023.
Millennial buyers 38% of new home purchases in 2023.
Energy-efficient homes sales up 15% in 2023.
Smart home features in 65% of new builds sold 2023.
Regional sales leaders: South 45% of new sales 2023.

Home Sales Prices and Trends Interpretation

While builders, baffled by high rates and cautious buyers, are practically giving tours with a built-in discount just to move their spacious, smart homes, the American dream now seems to require a trust fund, a southern zip code, and a deep appreciation for energy-efficient light bulbs.

Labor and Employment

The U.S. construction industry employed 8.1 million workers in 2023, with residential at 40%.
Home builders reported a labor shortage affecting 87% of firms in 2023.
Average hourly wage for construction laborers was $29.50 in 2023.
Residential construction added 150,000 jobs in 2023.
24% of home builders cited labor shortages as top issue in 2023 survey.
Carpenter employment in residential building was 1.2 million in 2023.
Labor costs rose 5.8% YoY for home builders in 2023.
82% of builders turned down work due to labor shortage in 2023.
Construction manager salaries averaged $105,000 in residential sector 2023.
Immigrant workers comprised 30% of residential construction workforce in 2023.
Home builder employment growth was 2.1% in 2023.
Electrician employment in home building reached 85,000 in 2023.
65% of builders increased wages to attract labor in 2023.
Plumber employment averaged 48,000 in new home construction 2023.
Labor productivity in residential construction fell 1.2% in 2023.
Women represented 10.5% of construction workforce in 2023.
Overtime hours for construction workers averaged 3.2 per week in 2023.
Training programs filled 15% of labor gaps for builders in 2023.
Framers earned median $24.50/hour in residential building 2023.

Labor and Employment Interpretation

The American dream of a new home is being built on a frustrating paradox: we're frantically hiring and paying more for a workforce we desperately need yet can't seem to find, proving that you can indeed have a booming market where everyone is both swamped and swiping left on potential jobs.

Market Size and Economic Impact

The U.S. residential construction market size was valued at $906.1 billion in 2023.
The global home building industry is projected to reach $3.5 trillion by 2028.
U.S. single-family homebuilding revenue reached $250 billion in 2022.
The home building sector contributed 4.1% to U.S. GDP in 2023.
Multifamily construction spending hit $100 billion in Q4 2023.
U.S. home builders' average revenue per company was $12.5 million in 2023.
The residential building construction industry employed 3.4 million workers in 2023.
Home building investments totaled $1.1 trillion in the U.S. in 2022.
U.S. new home construction market share held by top 100 builders was 30% in 2023.
The value of new residential construction put in place was $922 billion in 2023.
Global prefabricated home building market size was $125 billion in 2023.
U.S. home remodeling market, related to building, was $450 billion in 2023.
Single-family detached home building accounted for 75% of U.S. residential starts in 2023.
The home building industry's profit margin averaged 8.5% in 2023.
U.S. luxury home building segment grew 5% to $50 billion in 2023.
Total U.S. housing construction output increased 2.3% YoY in 2023.
Home building contributed $200 billion in taxes in 2022.
U.S. modular home construction market valued at $15 billion in 2023.
Residential construction market CAGR expected at 5.2% through 2030.
U.S. home builder backlog averaged 8 months in 2023.

Market Size and Economic Impact Interpretation

While the global home building industry eyes the dizzying trillion-dollar heights, the American market, a formidable engine in its own right, hums along by literally and figuratively building the nation's GDP, one 8.5%-margin house at a time.

New Construction Activity

The U.S. new housing starts totaled 1.415 million units in 2023.
Building permits for new single-family homes reached 934,000 in 2023.
Housing completions were 1.429 million units in 2023.
Single-family housing starts averaged 980,000 annually in 2023.
Multifamily starts hit 477,000 units in 2023.
New residential permits issued totaled 1.452 million in 2023.
Single-family completions were 947,000 units in 2023.
Housing starts in the South region were 628,000 in 2023.
Under-construction single-family homes averaged 303,000 in 2023.
Building permits for single-family structures fell 5% YoY in December 2023.
Total housing starts SAAR was 1.36 million in January 2024.
Multifamily completions reached 482,000 in 2023.
Northeast region housing starts were 112,000 in 2023.
Midwest housing permits averaged 182,000 in 2023.
West region single-family starts were 220,000 in 2023.
Housing starts declined 4.2% in 2023 overall.
New single-family permits in top metros averaged 10,000 monthly in 2023.
Total completions SAAR was 1.45 million in Q4 2023.
Single-family starts in urban areas were 650,000 in 2023.

New Construction Activity Interpretation

Despite a cautious dip in permits, the American homebuilding machine kept humming along in 2023, finishing more houses than it started as if to declare, "We are closing deals, not just breaking ground."

Sources & References

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