What's holding back homebuilding?
Abstract: Homebuilding is typically a casualty of economic downturns, but it is also true that most economic recoveries are built upon a resumption of pounding hammers and buzzing blades. Not so with the recovery from the Great Recession. After new home construction slowed dramatically in the recession, the sector not only failed to lead the overall recovery as usual but significantly lagged it. Even now that overall economic growth and employment have largely resumed growing solidly, homebuilding and construction employment levels remain far below normal in Pennsylvania, New Jersey, and Delaware as well as in the nation.
Keywords: Great Recession; Homebuilding; Economic downturn; Economic recovery; Construction;
File(s): File format is application/pdf https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/2015/q2/rs-whats_holding_back_homebuilding.pdf
Provider: Federal Reserve Bank of Philadelphia
Part of Series: Regional Spotlight
Publication Date: 2015