The latest report from the Census Bureau on New Residential Construction brings some exciting news about the growth of new home construction. Although it's important to remember that this report has some room for error, the numbers we have today are exceptional and shouldn't be ignored.
Even with the most conservative estimates, Housing Starts, which represent the beginning of new construction projects, would still show an increase of about 7% compared to April. The report states that housing starts experienced a remarkable surge of 21.7%, reaching an annual pace of 1,631,000.
One particularly interesting aspect of this month's data is the significant shift from a period of negative growth to positive growth. In fact, the data for May shows the highest numbers we've seen in 13 months, which is the first positive reading during that time. And this positive trend is not limited to the nation as a whole, but also extends to Texas.
Houston, in particular, has been an incredibly active real estate market for the past ten years, and now it holds the top spot as the number one metro area for new home construction! This means that Houston, along with other metro areas in Texas, is an excellent place to consider buying a home in 2023.