As construction in the United States continues to ramp up, there’s a growing consensus that we need more homes, more housing units, more homes with more amenities, and a better quality of life.
And while many people are focused on the housing crisis, others are asking why we need new construction.
“When you think about the number of homes built, there is more that we don’t need than we do,” says Mark Ries, executive director of the nonprofit Institute for Housing Affordability and Livability.
“When you look at the number we don.t have, the problem is more than a housing shortage.
We have a real shortage of housing.”
The U.S. has over 6.7 million housing units that are either on the market or under construction, according to data compiled by Real Estate Investment Trust (REIT).
That’s more than the total number of housing units built in the U.K. in the same time frame, according a 2017 report by Realtors.
In a recent report, RealtyTrac found that only 3 percent of the homes built in 2020 were occupied by new construction and only 9 percent of those units were occupied.
The United States is home to nearly 60 percent of all new construction in North America, and as a share of total construction, the United Kingdom is at 14.7 percent, according the REIT report.
But in many places in the country, the housing demand is much higher. In the U