Coronavirus Likely to Add Momentum to Increased Home Building in Smaller Markets
The COVID-19 pandemic is likely to hasten a housing trend already taking place across the nation--residential construction activity that is expanding at a more rapid rate in lower density markets such as smaller cities and rural areas. Multifamily development is also proceeding at a brisk pace in areas where education and health services dominate. These are among the findings of the latest quarterly National Association of Home Builders (NAHB) Home Building Geography Index (HBGI).
"We expect the virus could affect future housing preferences for those currently living in the hardest-hit, high-density environments like central cities and that housing demand will continue to increase in medium- and low-density communities," said NAHB Chairman Dean Mon, a home builder and developer from Shrewsbury, N.J.