4Q19 Excerpt: Overall Housing Shortage Deepens

4Q19 Witten Advisory Excerpt:  As household formation has exceeded deliveries, the overall housing shortage has deepened.  The rental housing shortfall in blue has been most pronounced in recent years, and is still the largest relative to historical vacancy rates.  However, the orange segments noting a for-sale housing shortage have grown rapidly since late 2018.  This…

4Q19 Excerpt: New Construction Accelerating

Excerpt from the 4Q19 Witten Advisory:  With development capital still flowing, starts have accelerated in the past several months, as seen in the above chart.  Total 5+ starts topped 370,000 (trailing 12-month total) as of November – the highest in two years, but still short of 2016’s peak.  Production has increased even though construction costs…