Growing housing supply gap will worsen affordability crisis

A sharp increase in the housing supply gap is projected to worsen the affordability crisis, particularly for the disadvantaged, over the next year.

The gap will reach 4.5 million units in 2022, up from 2.5 million in 2018, according to a CoreLogic Public Policy Executive. This will be a crisis for those who earn less than half of what their neighbors do.

This cohort will face a shortage of 2.6 million units next year. People who earn more than what their neighbors earn will not be spared either, facing a gap of about 650,000 units in 2022.

Multiple factors are hampering development of more multifamily units. These include a rapid increase in material costs, such as a 150% spike in lumber prices in 2021. The necessity for multiple funding sources, adding complexity to deals, is another key factor.

Developers complain that the multiple financing sources needed for each project have deadlines that aren’t aligned. This results in longer timelines that add costs.

Faster delivery of buildings isn’t always associated with sustainability benefits or long-term value, but things are changing. An instructive case is in the development of steel structures that not only allow speedier erection times, but also can reduce embodied carbon and create durable, highly resilient building approaches.

Building Team | Nov 7, 2022

U.S. commercial buildings decreased energy use intensity from 2012 to 2018

The recently released 2018 Commercial Buildings Energy Consumption Survey (CBECS) by the U.S. Energy Information Administration found that the total floorspace in commercial buildings has increased but energy consumption has not, compared with the last survey analyzing the landscape in 2012.

Codes and Standards | Nov 2, 2022

New York City construction official wants to boost design-build

The new associate commissioner of alternative delivery in New York City’s Department of Design and Construction aims to encourage more design-build project delivery in the city.

| Nov 1, 2022

Updated Florida building codes helped newer homes withstand Hurricane Ian

Newer homes seemed to fare much better than older structures during Hurricane Ian, suggesting that updated Florida building codes made a difference.

Data Centers | Oct 31, 2022

Data center construction facing record-breaking inflation, delays

Data center construction projects face record-breaking inflation amid delays to materials deliveries and competition for skilled labor, according to research from global professional services company Turner & Townsend.