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© 1131381461 - Building Slows
The suburbs have been booming since the pandemic started. But new-home construction in those areas may be more difficult to find. Ongoing supply chain challenges and slowing economic conditions have reduced the pace of single-family residential construction across large metro suburban areas, the National Association of Home Builders reports.
The slowdown has become most evident in high-cost areas. Large metro suburban areas posted a decrease in home building market activity from 18.7% in the first quarter of 2021 to 5.2% in the first quarter of 2022, the NAHB reports.
“Rampant inflation, one of the economic problems in the first quarter of 2022, has driven up material costs,” the NAHB notes on its Eye on Housing blog.
