Gitnux/Report 2026

Homebuilding Industry Statistics

Homebuilder sentiment isn’t just drifting upward. The NAHB/Wells Fargo Housing Market Index jumped to 44 in January 2024 and sales expectations surged to 57, even as 58% of builders still say they are cutting construction speed because rates are biting.
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Homebuilding Industry Statistics
Rachel SvenssonWritten by Rachel Svensson·Edited by Daniel Varga·Fact-checked by Katherine Brennan
Last verified Jun 18, 2026
Verified via a 4-step process
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Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

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Next review Dec 2026
The NAHB builder confidence index rose seven points in January. While most builders are still slowing construction due to rates, an uptick in sales forecasts hints at underlying demand. This data details the state of homebuilding, from material costs and labor challenges to housing starts and sales.

Key Takeaways

  • NAHB/Wells Fargo Housing Market Index (HMI) rose to 44 in January 2024, up 7 points from December 2023 low
  • Current sales conditions component of HMI improved to 49 in February 2024, from 47 prior month
  • Sales expectations index surged 13 points to 57 in January 2024, highest since October 2023
  • Construction employment totaled 7.91 million workers in December 2023, up 1.2% year-over-year
  • Residential builders employed 1.1 million nonresidential specialty trade workers in 2023 BLS data
  • Average hourly wage for construction laborers reached $32.45 in Q4 2023, up 5.8% YoY
  • In 2023, U.S. single-family housing starts reached 954,000 units, marking a 2.6% increase from 2022 despite high interest rates
  • New residential construction permits for single-family homes totaled 925,000 units in 2023, down 5.1% year-over-year due to economic uncertainty
  • Multifamily housing starts surged to 522,000 units in 2023, a 25% increase driven by rental demand
  • Lumber prices (Western Spruce-Pine-Fir 2x4 #2) averaged $525 per thousand board feet in 2023, up 2% YoY
  • Softwood lumber import from Canada hit 28.5 billion board feet in 2023, 72% of supply
  • OSB prices peaked at $550 per 7/16" 4x8 sheet in mid-2023, averaged $420 annually
  • Existing single-family home sales totaled 4.09 million in 2023, down 18.9% from 2022
  • Median existing-home sales price reached $389,800 in 2023, up 5.9% YoY despite volume drop
  • New single-family home sales hit 668,000 units in 2023, down 11% from prior year

NAHB’s housing outlook ticked up in early 2024 as labor and costs stay tight but builders cut less.

Related reading

01 · Category

Builder Confidence and Surveys21 stats

01
NAHB/Wells Fargo Housing Market Index (HMI) rose to 44 in January 2024, up 7 points from December 2023 low
02
Current sales conditions component of HMI improved to 49 in February 2024, from 47 prior month
03
Sales expectations index surged 13 points to 57 in January 2024, highest since October 2023
04
Traffic of prospective buyers index at 27 in January 2024, up from 25 but still below 50 threshold
05
NAHB/Wells Fargo HMI for single-family builders averaged 42 in Q4 2023, reflecting cautious optimism
06
58% of builders reported cutting construction speed due to rates in January 2024 NAHB survey
07
Builder cost overruns averaged 5% in 2023 per NAHB cost of doing business study
08
91% of NAHB builders cited labor shortages as major issue in 2023 member survey
09
HMI single-family index in South region hit 48 in January 2024, leading national average
10
Multifamily HMI stood at 42 in Q4 2023, down from 45 peak amid financing challenges
11
64% of builders reduced sales prices by median $10,000 in December 2023 per NAHB
12
NAHB eye on housing survey found 24% of builders delayed projects in 2023 due to regulations
13
Builder confidence in large metros like Atlanta reached 52 in HMI sub-index Q1 2024
14
45% of NAHB members plan to increase inventory in 2024 per annual outlook survey
15
HMI future sales expectations at 60 for February 2024, boosted by rate cut hopes
16
HMI traffic index 29 Feb 2024, slight gain
17
Single-family HMI 47 March 2024, up 3 pts
18
68% builders use price cuts per NAHB Q1 2024
19
NAHB labor shortage survey 82% framing issue 2023
20
Cost to build index up 4.7% YoY 2023 NAHB
21
HMI sales conditions 51 Q1 2024 avg
Interpretation

Builder Confidence and Surveys Interpretation

While builders are cautiously shaking off their winter blues with improved sales and optimistic forecasts, the persistent hangover of labor shortages, high costs, and interest rate sensitivity means the industry's recovery is being built one carefully discounted house at a time.

02 · Category

Employment and Wages28 stats

01
Construction employment totaled 7.91 million workers in December 2023, up 1.2% year-over-year
02
Residential builders employed 1.1 million nonresidential specialty trade workers in 2023 BLS data
03
Average hourly wage for construction laborers reached $32.45in Q4 2023, up 5.8% YoY
04
Carpenter median annual wage hit $55,210in 2023, with 713,000 employed nationally
05
Construction unemployment rate fell to 3.6% in January 2024 from 4.0% prior year
06
401,000 construction jobs added since 2021 low, per BLS through December 2023
07
Electricians in residential construction averaged $62,000annually in 2023 BLS survey
08
NAHB reported 500,000 skilled labor shortage in homebuilding sector for 2023
09
Framing contractors employment grew 2.5% to 120,000 workers in 2023
10
Average construction supervisor wage $38.50/hour in residential building 2023
11
24% of construction workforce aged 55+ in 2023, signaling retirement wave, BLS
12
Plumbers and pipefitters median wage $61,550with 48,600 in residential NAICS 2023
13
Construction payroll hours up 1.8% to 210 million in Q4 2023
14
Drywall installers employment at 112,000 with wage $24.67/hour average 2023
15
Homebuilding firms reported 15% labor cost increase in 2023 NAHB study
16
Roofers median pay $49,370annually, 110,000 employed in construction 2023 BLS
17
Construction job openings averaged 383,000 monthly in 2023, JOLTS data
18
Residential building construction NAICS 236115 employed 278,000 in 2023 QCEW
19
Construction adds 188,000 jobs 2023 total BLS
20
Painters wage $23.15/hr avg residential 2023
21
6.2% wage growth construction supervisors 2023 BLS
22
140,000 masons employed $25.50/hr median 2023
23
Labor force participation construction 72.5% 2023
24
HVAC mechanics $27.40/hr avg 2023 BLS
25
Insulation workers 8,000 employed residential focus 2023
26
Job quits rate construction 2.1% monthly avg 2023 JOLTS
27
Sheet metal workers $29.80/hr 2023
28
Tile setters median $23.85/hr 112,000 total 2023
Interpretation

Employment and Wages Interpretation

Even as the homebuilding industry crows about adding hundreds of thousands of new jobs and raising wages to attract talent, it's still stuck in a paradox where for every skilled worker retiring with a decent paycheck, there seem to be two open hardhats and a nagging 15% labor cost increase shouting, "We desperately need more hands on deck!"

03 · Category

Housing Starts and Permits19 stats

01
In 2023, U.S. single-family housing starts reached 954,000 units, marking a 2.6% increase from 2022 despite high interest rates
02
New residential construction permits for single-family homes totaled 925,000 units in 2023, down 5.1% year-over-year due to economic uncertainty
03
Multifamily housing starts surged to 522,000 units in 2023, a 25% increase driven by rental demand
04
Total housing starts in Q4 2023 averaged 1.46 million units at a seasonally adjusted annual rate, up 5.9% from Q3
05
Building permits for single-family structures in December 2023 stood at 927,000 units SAAR, down 1.5% from November
06
Housing completions for single-family homes hit 968,000 units in 2023, a 4.2% rise amid supply chain improvements
07
Permits for multifamily units reached 480,000 in 2023, reflecting strong apartment construction
08
Single-family starts in the South region totaled 618,000 units in 2023, comprising 65% of national total
09
Total new permits issued nationwide in 2023 amounted to 1.41 million units, a 3.2% decline from 2022 peak
10
Housing starts under construction averaged 1.02 million units in 2023, up slightly due to longer build times
11
Single-family permits in Northeast dropped 8.7% to 112,000 units in 2023
12
Multifamily completions reached 440,000 units in 2023, a record high fueled by urban demand
13
Total starts in Midwest region were 192,000 single-family units in 2023, down 1.0%
14
Building permits SAAR in January 2024 hit 1.51 million units, up 1.5% month-over-month
15
Single-family housing starts in West region totaled 170,000 units in 2023, stable year-over-year
16
Single-family starts in Northeast 102,000 units 2023, up 4.1%
17
Multifamily permits SAAR 452,000 in Jan 2024, down 30% YoY
18
Total completions 1.43 million units 2023, single-family dominant
19
Permits West region 228,000 single-family 2023, down 2.5%
Interpretation

Housing Starts and Permits Interpretation

The homebuilding industry, stubbornly flexing through economic headwinds, is a tale of two sectors: single-family construction displays cautious, pragmatic resilience as it navigates high rates, while multifamily development, responding to rental demand, is having an apartment-building party that's only now showing signs of a permit hangover.

More related reading

04 · Category

Material Costs and Supply Chain27 stats

01
Lumber prices (Western Spruce-Pine-Fir 2x4 #2) averaged $525per thousand board feet in 2023, up 2% YoY
02
Softwood lumber import from Canada hit 28.5 billion board feet in 2023, 72% of supply
03
OSB prices peaked at $550per 7/16" 4x8 sheet in mid-2023, averaged $420 annually
04
Steel rebar costs rose 12% to $45 per hundredweight in 2023 due to tariffs
05
Asphalt shingle prices increased 8.5% to $115 per square in 2023
06
Cement prices averaged $135per metric ton in U.S. 2023, up 6% from 2022
07
Dimensional lumber framing costs per sq ft rose to $4.20in 2023 NAHB index
08
Plywood (CDX 4x8 5/8") averaged $38per sheet in 2023, down from 2022 peak
09
Copper wire prices for electrical averaged $4.50/lb in 2023, up 15%
10
Ready-mix concrete cost per cubic yard hit $165in 2023 national average
11
Drywall (1/2" 4x8) prices stabilized at $17per sheet in late 2023
12
Vinyl siding costs rose 7% to $4.80 per sq ft in 2023
13
Softwood plywood imports totaled 4.2 billion sq ft in 2023, mostly from Asia
14
Fiberglass insulation batts averaged $0.65per sq ft in 2023, up 4%
15
Rebar steel imports 2.8 million tons in 2023, 25% of consumption
16
Engineered wood products costs up 3% to $1.20 per linear ft for headers 2023
17
HVAC equipment costs increased 10% to $8,500 average for central systems 2023
18
Shingle prices $1.25/sq ft avg 2023 Producer Price Index
19
Gypsum board production 34 billion sq ft 2023 USGS
20
Windows/doors cost index up 6% 2023 NAHB
21
Lumber futures closed $410/MBF Dec 2023 CME
22
Concrete block $2.45each avg 2023
23
Appliances avg $12,000/home 2023 cost up 7%
24
PVC pipe $1.20/ft 2023 avg
25
Millwork softwood $8.50/lin ft 2023
26
Exterior paint $45/gal avg 2023 up 5%
27
Structural panels imports 5.1B sq ft 2023
Interpretation

Material Costs and Supply Chain Interpretation

While lumber's modest 2% climb masks the real story, the collective 2023 surge in everything from the rebar in your foundation to the shingles on your roof and the appliances in your kitchen means building a house now feels less like a construction project and more like a voluntary economic stimulus package.
Reference

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Rachel Svensson. (2026, February 13). Homebuilding Industry Statistics. Gitnux. https://gitnux.org/homebuilding-industry-statistics
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Rachel Svensson. "Homebuilding Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/homebuilding-industry-statistics.
Chicago
Rachel Svensson. 2026. "Homebuilding Industry Statistics." Gitnux. https://gitnux.org/homebuilding-industry-statistics.

Sources & references

19 datasets cited across this report · attribution is report-level

census.govnahb.orgeyeonhousing.orgbls.govdata.bls.govrandomlengths.comuslumber.orgproducer.comusgs.govlme.comrmc.orgprobuilder.comusitc.govtrade.govnar.realtorfred.stlouisfed.orgcmegroup.complasticsnews.compaint.org