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Number of homes under construction continues to plunge

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Donald Marron

(Read caption) This chart shows the number of homes under construction from 1970 through last month. The latest figure is about a quarter of what it was five years ago.

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Wednesday’s housing data showed that the number of single-family homes under construction fell again in February.

Ten years ago, America’s home builders were in the midst of constructing 672,000 single-family homes. Five years ago, they were building 990,000 homes. Last year, they were building 304,000. And now that figure is down to 252,000.

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