New home completions are stuck at 2020 levels

Instructor Jeff Karnes teaches plumbing construction techniques at St. Philip's College in San Antonio, Texas, in September 2026. A shortage of skilled workers is one reason housing construction is down. (Photo courtesy of St. Philip’s College)Single-family home completions remain stuck at early pandemic levels as of September as costs, labor supply shortages and high interest take a toll on home builders, especially in the Northeast and South.  Apartment building was a more mixed picture, down nationally but up sharply in the Midwest (53%) and West (18%).  New single–family homes dropped to an annual rate of 840,000, the lowest since May 2020, according to new U.S. Census Bureau survey results released Oct. 20.  Single-family home completions fell in every region, especially in the Northeast (-17%) and South (-15%).   Builders of single-family homes are stymied by rising mortgage rates, costs for energy and materials, and worsening labor supply, according to an October survey by the N