> we're building like crazy all over North America. No, we really haven't been. It doesn't seem to be well appreciated just how deeply housing construction col

> we're building like crazy all over North America. No, we really haven't been. It doesn't seem to be well appreciated just how deeply housing construction collapsed at the end of the 2000's and has only recently returned to something approximating the long-term averages. https://fred.stlouisfed.org/series/HOUST https://fred.stlouisfed.org/series/HOUST However, there's a still a whole lot of deficit from the decade of underproduction to make up for in that sense. As you sort of get at - housing production "where the jobs are" has been far shakier. Many of the metro areas that did the best with job creation in the previous decade were among the worst with housing creation. SV, Boston, NYC, etc.