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    Description

    Highlights

    •The new residential and renovation construction markets in the US and the Eurozone were valued at $338.7 billion (305.5 billion euros) and $673.3 billion dollars (614.4 billion euros), respectively, in 2014.

    •In Europe, 55% of the value of the new residential and renovation construction markets in 2014 was in renovation; in the US, this figure was 30%.

    •The housing construction market in Europe is still subdued, in part due to the effects of the global financial crisis and the tepid nature of European economies. Nevertheless, residential housing construction is projected to improve by 2.4% in 2015 and by 4.3% in 2017.

    •Housing completions achieved record levels in the Russian Federation in 2014, with nearly 1.1 million new dwellings put in place, an increase of 20.3% from 2013.

    •The US housing market continues to stabilize and improve in all its sectors, but it is still hindered by slow economic growth, slow household formation, student debt, underemployment, declining real median incomes, and a constrained housing inventory.

    •High-value houses and the multi-family market exhibited above-average construction and sales in the US in 2014, but single-family construction remains substantially below its historical average.

    •Canada’s economic fundamentals improved in late 2014; they are projected to continue to improve in 2015 but decline slightly (from 2015 levels) in 2016. Forecasts suggest stable housing demand and starts in 2015 and 2016.

    Publication Notes

    • We recommend that you also print this page and attach it to the printout of the article, to retain the full citation information.
    • This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.

    Citation

    Alderman, Delton. 2015. Housing and construction. In: UNECE/FAO Forest Products Annual Market Review 2014-2015, Chapter 11. 13 pp.

    Keywords

    Housing permits, starts, under construction, completions, construction spending, quarterly and annual construction averages, nominal and inflation adjusted construction spending, gross domestic product.

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