On Track for Record Low Housing Completions in 2011

On Track for Record Low Housing Completions in 2011

by CalculatedRisk on 8/19/2011 

An update: The U.S. is on pace for a record low number of total housing completions this year, and the fewest net housing units added to the housing stock since the Census Bureau started tracking completions in the ’60s.

Below is a table of net housing units added to the housing stock since 1990. Note: Tom Lawler thinks scrappage is closer to 250,000 units per year.

This means there will be a record low number of housing units added to the housing stock this year (good news with all the excess inventory), and that the overhang of excess inventory should decline significantly in 2011 depending on the rate of household formation (and that depends on jobs).

Housing Units added to Stock (000s)
1 to 4 Units 5+ Units Manufactured Homes Sub-Total Demolitions / Scrappage Total added to Stock
1990 1010.8 297.3 188.3 1496.4 200 1296.4
1991 874.4 216.6 170.9 1261.9 200 1061.9
1992 999.7 158 210.5 1368.2 200 1168.2
1993 1065.7 127.1 254.3 1447.1 200 1247.1
1994 1192.1 154.9 303.9 1650.9 200 1450.9
1995 1100.2 212.4 339.9 1652.5 200 1452.5
1996 1161.6 251.3 363.3 1776.2 200 1576.2
1997 1153.4 247.1 353.7 1754.2 200 1554.2
1998 1200.3 273.9 373.1 1847.3 200 1647.3
1999 1305.6 299.3 348.1 1953 200 1753
2000 1269.1 304.7 250.4 1824.2 200 1624.2
2001 1289.8 281 193.1 1763.9 200 1563.9
2002 1360.1 288.2 168.5 1816.8 200 1616.8
2003 1417.8 260.8 130.8 1809.4 200 1609.4
2004 1555 286.9 130.7 1972.6 200 1772.6
2005 1673.4 258 146.8 2078.2 200 1878.2
2006 1695.3 284.2 117.3 2096.8 200 1896.8
2007 1249.8 253 95.7 1598.5 200 1398.5
2008 842.5 277.2 81.9 1201.6 200 1001.6
2009 534.6 259.8 49.8 844.2 150 694.2
2010 505.2 146.5 50 701.7 150 551.7
2011 (est) 433 120 46 599 150 449

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