I read a story with the figures on how many housing units were started in the last decade according to the National Association of Home Builders and I was SHOCKED at how low this number was. Last week I wrote that I knew there were fewer than 15 million new housing units completed I was sure. In fact, builders only started 9.9 million new housing units last decade with 3.1 million being multi-family and 6.8 million being single family housing. WOW!!!!
This is a BIG reason why we have such a housing shortage. As I wrote last week we probably need 20-25 million new housing units built this new decade and we built fewer than 10 million this past decade. Last year we started about 1.3 million new housing units and this pace needs to increase substantially. Unfortunately, I don't know how that will happen as we don't have enough workers. Thus, keep investing in more real estate.
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