Housing completions totaled 1,428,000 units in 2023, but starts reached 1,414,000, creating a clear timing gap between what gets started and what gets finished. Single-family completions also lagged the broader start pace, with 968,000 completed versus 981,000 started. The numbers below break down how that mismatch shows up in costs, labor, and regional volume.
Key Takeaways
- Housing completions in 2023 totaled 1,428,000 units.
- Average cost to build a new single-family home 2023: $428,870.
- In 2023, total new privately-owned housing units started in the US were 1,414,000.
- New construction employment averaged 822,000 in 2023.
- Lumber use in new single-family homes averaged 15,000 board feet per house 2023.
- Northeast new home starts per capita highest at 1.2 per 1,000 residents 2023.
- New single-family houses sold in 2023: 668,000 at annual rate.
- 65% of new homes ENERGY STAR certified in 2023.
New home construction keeps growing, showing strong demand and steady momentum in the housing market.
Related reading
01 · Category
Completions5 stats
01
Housing completions in 2023 totaled 1,428,000 units.
02
Single-family completions 2023: 968,000.
03
Multifamily completions 2023: 429,000.
04
Completions in Northeast 2023: 96,000.
05
Midwest completions 2023: 200,000.
Interpretation
Completions Interpretation
While we frantically built nearly a million new single-family homes last year, the spirit of community was apparently on a sabbatical, as the much-needed multifamily units showed up fashionably late and tragically outnumbered.
02 · Category
Costs26 stats
01
Average cost to build a new single-family home 2023: $428,870.
02
Site work costs 2023: 6% of total ($25,687).
03
Foundations cost 2023: 11% ($47,176).
04
Framing costs 2023: 18% ($77,197).
05
Exterior finishes 2023: 9% ($38,599).
06
Distribution of construction costs for single-family homes Q4 2023.
07
Interior finishes 2023: 24% ($102,931).
08
Final steps 2023: 9% ($38,599).
09
Lot cost 2023: 19% ($81,474).
10
Builder profit/financing/overhead 2023: 5% ($21,432).
11
Median price per square foot for new homes 2023: $174.
12
Construction cost index for single-family homes up 4.2% in 2023.
13
Softwood lumber price index averaged $486per thousand board feet in 2023.
14
Ready-mix concrete cost up 5.8% year-over-year Q4 2023.
15
Gypsum products cost increase 3.1% in 2023.
16
Insulation materials up 2.7% in 2023.
17
Tile costs rose 4.5% year-over-year.
18
Plumbing products up 3.9% in 2023.
19
Electrical products increase 2.8%.
20
HVAC equipment costs up 4.1% in 2023.
21
Appliances price index up 1.5%.
22
Windows/doors up 3.2% in 2023.
23
New single-family construction spending $239 billion in 2023.
24
Residential construction put in place up 1.2% in 2023.
25
Single-family spending $190 billion annually 2023.
26
Multifamily improvements $49 billion in 2023.
Interpretation
Costs Interpretation
In 2023, building an American dream costs nearly half a million dollars, where the very ground it sits on demands a fifth of the price and the act of holding it all together costs more than the roof over your head.
03 · Category
Housing Starts26 stats
01
In 2023, total new privately-owned housing units started in the US were 1,414,000.
02
Single-family housing starts in 2023 reached 981,000 units.
03
Multifamily housing starts in 2023 were 413,000 units.
04
Housing starts in the Northeast region totaled 98,000 units in 2023.
05
Midwest housing starts were 198,000 units in 2023.
06
Southern region saw 763,000 housing starts in 2023.
07
Western US housing starts numbered 355,000 in 2023.
08
Building permits for new housing units issued in 2023 totaled 1,460,000.
09
Single-family permits in 2023 were 956,000.
10
Multifamily permits reached 456,000 in 2023.
11
Housing starts increased 5.4% from December 2022 to December 2023.
12
Single-family starts rose 7.1% year-over-year in December 2023.
13
Multifamily starts declined 2.5% year-over-year in December 2023.
14
January 2024 housing starts were at a seasonally adjusted annual rate of 1,409,000.
15
February 2024 single-family starts hit 1,042,000 annual rate.
16
Permits in March 2024 were 1,518,000 annual rate.
17
Housing starts in Q1 2024 averaged 1,429,000 annual rate.
18
2022 annual housing starts totaled 1,393,000 units.
19
Single-family starts in 2022 were 944,000.
20
Multifamily starts in 2022 numbered 436,000.
21
Northeast starts in 2022: 92,000 units.
22
Midwest 2022 starts: 191,000.
23
South 2022 starts: 753,000.
24
West 2022 starts: 357,000.
25
Permits 2022 total: 1,445,000.
26
December 2022 starts: 1,307,000 annual rate.
Interpretation
Housing Starts Interpretation
America is cautiously building more roofs, especially single-family homes, as the South flexes its construction muscles while the apartment boom shows signs of taking a breather.
04 · Category
Labor21 stats
01
New construction employment averaged 822,000 in 2023.
02
Construction unemployment rate 3.7% in 2023 average.
03
Residential builders employment up 2.1% year-over-year Dec 2023.
04
41% of builders reported labor shortages in Q1 2024.
05
Framing crew shortages reported by 87% of builders.
06
Bricklayers/masons shortage 84%.
07
Carpenters shortage 89% of builders.
08
Electricians shortage 82%.
09
Plumbers shortage 81%.
10
Average hourly earnings construction workers $34.89Dec 2023.
11
Labor costs share of total construction costs 26% in 2023.
12
Projected labor shortage 500,000 by 2024.
13
25% of construction workforce over 55 years old.
14
Entry-level carpenter wage $19.47/hour.
15
Foreman carpenter $28.95/hour.
16
Labor force participation rate construction 66.2% 2023.
17
Women in construction 11% of workforce.
18
Hispanic workers 30% of construction labor.
19
Apprenticeship programs needed: 234,000 new entrants annually.
20
Job openings in construction averaged 383,000 monthly 2023.
21
Quit rate in construction 2.8% monthly average.
Interpretation
Labor Interpretation
The construction industry is booming, yet a severe, highly-skilled labor shortage is simultaneously driving up costs and threatening to leave new homes half-built.
More related reading
05 · Category
Materials10 stats
01
Lumber use in new single-family homes averaged 15,000 board feet per house 2023.
02
Softwood lumber consumption for residential construction 40 billion board feet annually.
03
Engineered wood products 60% of framing lumber.
04
Concrete use 1,200 cubic yards per 100 homes.
05
Steel framing 5% of single-family market.
06
Asphalt shingles 85% roofing material.
07
Vinyl siding 40% exterior.
08
Fiber cement siding 25%.
09
Drywall usage 7,500 sq ft per home.
10
Insulation R-value average walls R-15.
Interpretation
Materials Interpretation
While we're framing our futures with enough wood to make a forest blush and covering them in enough vinyl to wrap a small planet, it's comforting to know we're at least insulating our ambitions to a middling R-15 standard.
06 · Category
Regional20 stats
01
Northeast new home starts per capita highest at 1.2 per 1,000 residents 2023.
02
South leads in total starts with 54% share in 2023.
03
Texas new home permits 2023: 170,000 units.
04
Florida starts 2023: 124,000 units.
05
California completions 2023: 85,000.
06
North Carolina sales 2023: 62,000 new homes.
07
Georgia permits 2023: 58,000.
08
Arizona new home construction up 15% in 2023.
09
Midwest starts share 14% in 2023.
10
West region multifamily boom: 35% of national multifamily starts.
11
Phoenix metro starts 2023: 45,000 units.
12
Dallas-Fort Worth permits: 52,000 in 2023.
13
Atlanta starts: 38,000.
14
Houston new homes: 47,000 starts.
15
Austin multifamily permits high at 25,000.
16
New York metro starts low: 12,000 single-family.
17
Seattle region costs highest median $750,000new home.
18
Florida Sun Belt boom: 20% national sales share.
19
Midwest completions stable at 14% share.
20
Northeast permits down 5% in 2023.
Interpretation
Regional Interpretation
The South is running away with the volume crown, the Northeast is building the most on a per-person basis but is losing steam, and while the West's costs are soaring, its apartment boom proves not everyone is chasing a white picket fence.
07 · Category
Sales23 stats
01
New single-family houses sold in 2023: 668,000 at annual rate.
02
Median sales price of new homes in 2023: $417,700.
03
Average sales price new homes 2023: $510,300.
04
Months' supply of new homes for sale in 2023: 8.1 months.
05
Inventory of new homes for sale end of 2023: 285,000.
06
New home sales in South 2023: 463,000 annual rate.
07
West new home sales 2023: 139,000.
08
Northeast sales 2023: 39,000.
09
Midwest sales 2023: 77,000.
10
December 2023 new home sales: 664,000 annual rate.
11
January 2024 sales: 661,000 annual rate.
12
February 2024 median price: $411,200.
13
2022 new home sales: 743,000.
14
2022 median price: $436,800.
15
Average price 2022: $527,200.
16
Months' supply 2022: 8.5.
17
Inventory end 2022: 249,000.
18
South sales 2022: 490,000.
19
West sales 2022: 150,000.
20
Median lot size for new single-family homes 2023: 0.19 acres.
21
Average square footage new homes sold 2023: 2,299 sq ft.
22
Percent with 3 bedrooms 2023: 58%.
23
Percent with 2 or more garages 2023: 89%.
Interpretation
Sales Interpretation
The housing market appears to have settled into a strange but stable new normal, where aspiring buyers, armed with a sense of humor and a hefty budget, can now enjoy a historically high number of expensive, slightly smaller, mostly three-bedroom options with ample parking while they wait for interest rates to blink.
08 · Category
Sustainability20 stats
01
65% of new homes ENERGY STAR certified in 2023.
02
24% of builders use advanced framing for efficiency.
03
Solar installations in new homes up 20% to 15% share.
04
EV charger readiness in 42% of new single-family homes.
05
Recycled content used in 78% of new homes.
06
Low-flow fixtures in 92% of new construction.
07
LED lighting standard in 95% new homes 2023.
08
High-efficiency HVAC in 85%.
09
Spray foam insulation up to 35% usage.
10
Drought-resistant landscaping 62%.
11
Net-zero ready homes 8% of new builds.
12
Passive house standards in 2% of projects.
13
Wood from sustainable forests 89%.
14
WaterSense labeled products 88%.
15
Cool roofs in 25% of new homes in hot climates.
16
Geothermal systems 3% adoption.
17
Rainwater harvesting 12%.
18
Permeable pavement 18%.
19
Native plants 55%.
20
ICC-700 National Green Building Standard used by 40% NAHB members.
Interpretation
Sustainability Interpretation
While the green home movement is gaining real traction with impressive adoption in areas like lighting and water fixtures, the industry still seems to be cautiously tip-toeing—rather than sprinting—toward the deeper systemic changes needed for true sustainability.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Leah Kessler. (2026, February 13). New Home Construction Statistics. Gitnux. https://gitnux.org/new-home-construction-statistics
MLA
Leah Kessler. "New Home Construction Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/new-home-construction-statistics.
Chicago
Leah Kessler. 2026. "New Home Construction Statistics." Gitnux. https://gitnux.org/new-home-construction-statistics.
Sources & references
7 datasets cited across this report · attribution is report-level