This is a YouTube video titled "🏗🏠 Updates on New Home Construction 🏗 🏠" containing a monologue or single-speaker commentary from May 27, 2022, discussing statistics and trends in new home construction permits, starts, and completions, highlighting supply chain issues affecting the housing market.
Builders are on pace for 1.9 million permits on new home construction this year. That'd be the most since 2006. So they're busy these days. Now, usually the permit number and the breaking ground numbers fall hand in hand because they get a permit and builders turn right around and start breaking ground. With a new home, however, it falls from 1.9 to 1.7 million. When we're talking about actual new homes started. And then the really interesting info is usually it's only about 100,000 drop off from the new home started down to new homes completed, the pace for the year, but it falls from 1.9 to 1.7 and then down to 1.3 for actually new homes completed. So they're going to start a lot of houses they're not going to finish. This shows a big supply chain issue, which is the reason for that lag. So.
