United States Construction Market Overview
United States's residential construction market is currently contracting, with housing starts of 1.41M in 2023 — 9% above the 10-year average of 1.30M.
The country's recorded peak was 1.59M units in 2021. Current activity is -11% below that peak.
Among the 21 OECD countries tracked, United States ranks #1 by total housing starts. Year-over-year change is -9.0%, reflecting declining permits and reduced construction activity.
For contractors working in United States: A contracting market may create opportunities to negotiate better material pricing or lock in subcontractor rates.