Permits are the highest they've been in the past 5 years. This is almost certainly supply chain and labor effects and we will feel them for years to come. Here'

Permits are the highest they've been in the past 5 years. This is almost certainly supply chain and labor effects and we will feel them for years to come. Here's a link to the Census Building Permits survey: https://www.census.gov/construction/bps/ https://www.census.gov/construction/bps/ You can read a brief info graphic here: https://www.census.gov/construction/nrc/pdf/newresconst.pdf https://www.census.gov/construction/nrc/pdf/newresconst.pdf Note that "starts" of new buildings is close to permits, but completions are flat. There either isn't enough materials to finish these projects or there's a labor shortage to complete these projects. edit: not agreeing with your supply and demand argument tho there's lots of reasons people can't build in certain areas (where people want to live), but house prices are going up across the board, there really is an effort by the owner class to buy everything up and flip it to rental.