Freedonia Focus Reports

US Collection

Housing: United States

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November 2013

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Industry Overview
Residential Construction Expenditures | Housing Starts | Housing Stock
Housing Sales and Starts by Region

Highlights

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Housing Forecasts
Market Environment | Residential Construction Expenditure Forecasts
Housing Start Forecasts | Housing Stock Forecasts | Regional Forecasts

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Resources

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Industry Structure
Industry Composition | Industry Leaders | Additional Companies Cited
www.freedoniafocus.com

Housing: United States

ABOUT THIS REPORT

Scope & Method

This report forecasts US residential construction expenditures, housing starts, housing
stock, new and existing residential floor space, average floor space per new and
existing unit, and sales of existing housing to 2017. Residential construction
expenditures are provided in US dollars and segmented in terms of:

new single (or single-family) units

new multiple (or multifamily) units
improvements.

Multiple-unit housing comprises townhouses, condominiums, and duplexes.

Improvements include additions and alterations to existing structures but exclude
maintenance and repairs.
Housing starts and stock (in units), new and existing residential floor space (in square
feet), and average floor space per new and existing unit (in square feet) are each
segmented as follows:

single-unit conventional housing

multiple-unit conventional housing
manufactured housing.

A housing start for conventional housing is counted on the date foundation work begins,
and for manufactured housing (ie, factory-built housing assembled on a fixed chassis for
transport) the date of placement. Manufactured housing excludes modular and precut
houses.
Sales of existing houses and housing starts are reported in units and segmented in
terms of: South, West, Midwest, and Northeast. Existing housing refers to single-family,
condominium, and co-op type housing.
To illustrate historical trends, residential construction expenditures and housing starts
are provided in annual series from 2002 to 2012; total expenditures, housing starts, and
the various segments are reported at five-year intervals for 2007 and 2012. Forecasts
emanate from the identification and analysis of pertinent statistical relationships and
other historical trends/events as well as their expected progression/impact over the
forecast period. Changes in quantities between reported years of a given total or
segment are typically provided in terms of five-year compound annual growth rates
(CAGRs). For the sake of brevity, forecasts are generally stated in smoothed CAGRbased descriptions to the forecast year, such as demand is projected to rise 3.2%
annually through 2017. The result of any particular year over that period, however, may
exhibit volatility and depart from a smoothed, long-term trend, as historical data typically

2013 by The Freedonia Group, Inc.

Housing: United States

illustrate.
Key macroeconomic indicators are also provided at five-year intervals with CAGRs for
the years corresponding to other reported figures. Other various topics, including
profiles of pertinent leading suppliers, are covered in this report. A full outline of report
items by page is available in the Table of Contents.

Sources
Housing: United States represents the synthesis and analysis of data from various
primary, secondary, macroeconomic, and demographic sources including:

firms participating in the industry, and their suppliers and customers

government/public agencies
national, regional, and international non-governmental organizations
trade associations and their publications
the business and trade press
The Freedonia Group Consensus Forecasts and dated August 2013
the findings of other industry studies by The Freedonia Group.

Specific sources and additional resources are listed in the Resources section of this
publication for reference and to facilitate further research.

Industry Codes
The topic of this report is related to the following industry codes:
NAICS/SCIAN 2007
North American Industry Classification System

SIC
Standard Industry Codes

236115

1521

236116
236117
236118

New Single-Family Housing

Construction (except operative
builders)
New Multifamily Housing Construction
(except operative builders)
New Housing Operative Builders
Residential Remodelers

1522
1531

General Contractors Single-Family

Houses
General Contractors Residential
Buildings, Other Than Single-Family
Operative Builders

Copyright & Licensing

The full report is protected by copyright laws of the United States of America and
international treaties. The entire contents of the publication are copyrighted by The
Freedonia Group, Inc.

2013 by The Freedonia Group, Inc.

Housing: United States

Table of Contents
Section

Page

Highlights....................................................................................................................................................... 1
Industry Overview ......................................................................................................................................... 2
Residential Construction Expenditures .................................................................................................... 2
Chart 1 | United States: Residential Construction Expenditures, 2002-2012 ..................................... 2
Housing Starts ......................................................................................................................................... 3
Chart 2 | United States: Housing Starts by Type, 2012 ...................................................................... 3
Chart 3 | United States: Housing Starts Trends, 2002-2012 .............................................................. 4
Conventional Housing......................................................................................................................... 4
Single-Unit. .................................................................................................................................... 5
Multiple-Unit. .................................................................................................................................. 5
Manufactured Housing........................................................................................................................ 6
Chart 4 | United States: Housing Starts by Type, 2002-2012 ............................................................ 6
Housing Stock .......................................................................................................................................... 7
Chart 5 | United States: Housing Stock by Type, 2012 ...................................................................... 7
Chart 6 | United States: Housing Stock Trends, 2002-2012 .............................................................. 8
Housing Sales & Starts by Region ........................................................................................................... 9
Chart 7 | US Existing Home Sales by Region, 2012 .......................................................................... 9
Chart 8 | US Housing Starts by Region, 2012 .................................................................................... 9
Housing Forecasts ...................................................................................................................................... 10
Market Environment ............................................................................................................................... 10
Table 1 | United States: Key Indicators for Housing ......................................................................... 10
Residential Construction Expenditure Forecasts ................................................................................... 11
Table 2 | United States: Residential Construction Expenditures (billion dollars) ............................. 11
Housing Starts Forecasts....................................................................................................................... 13
Table 3 | United States: Housing Starts & New Residential Floor Space ........................................ 13
Conventional Housing....................................................................................................................... 14
Single-Unit. .................................................................................................................................. 14
Multiple-Unit. ................................................................................................................................ 15
Manufactured Housing...................................................................................................................... 15
Housing Stock Forecasts ....................................................................................................................... 16
Table 4 | United States: Housing Stock & Existing Residential Floor Space ................................... 16
Regional Forecasts ................................................................................................................................ 17
Table 5 | United States: Existing Housing Sales & Housing Starts by Region (thousand units) ...... 17
Industry Structure ........................................................................................................................................ 18
Industry Composition ............................................................................................................................. 18
Industry Leaders .................................................................................................................................... 19
PulteGroup Incorporated .................................................................................................................. 19
DR Horton Incorporated.................................................................................................................... 20
Lennar Corporation ........................................................................................................................... 21
NVR Incorporated ............................................................................................................................. 22
Cavco Industries Incorporated .......................................................................................................... 23
Additional Companies Cited................................................................................................................... 24
Resources ................................................................................................................................................... 25
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2013 by The Freedonia Group, Inc.