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The Real Deal recently reported that new residential construction cost has hit an all-time $12 billion high over the last year. Spending shot up 73 percent in 2014 to $11.9 billion, the former record even after accounting for inflation. Despite spending reaching new heights, the actual number of new units constructed in 2014 has not increased proportionally; units are being underproduced. Only 20,329 units were created last year, just 11 percent more than the year before, but far less than the 30,000 new units created annually between 2005 and 2008.
