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A bit tangential, but construction isn't rising. More houses were built in Los Angeles in the 50s than today. More in New York in the 20s. But the populations a
by veqq 4y ago
A bit tangential, but construction isn't rising. More houses were built in Los Angeles in the 50s than today. More in New York in the 20s. But the populations are far larger and expand more. (Hence the explosion in housing prices.)
Viewing the data is a bit less extreme at first: https://fred.stlouisfed.org/series/HOUST https://fred.stlouisfed.org/series/HOUST You can see that we are around the mean today. However the population is 2x larger...
- bobthepanda 4y agoalso, reduction in household sizes. all wealthy countries have observed significant falls in household size over the past century. tenements used to have whole multigenerational households in a single room. that's obviously not tenable today (and it shouldn't be) but now the same amount of people needs more units.
- mfer 4y agoThat graph shows new development rising. It’s not as high as it once was but it’s an upward trend. The valley was around 12-13 years ago. Talking to people currently in the industry, they are busier than they’ve been in years. I know people trying to find contractors for small jobs who can’t. NY and CA may not be having a lot of new construction. But, other places are. California is seeing a population decline