If you’re a prospective home buyer and have been frustrated with the lack of inventory recently, some relief may soon be on the way. According to recent figures, DFW had more than $9 billion in building starts in the first quarter of 2022, enough to rank North Texas third in the country for total residential and commercial construction activity.
Compared to the first quarter of 2021, the increase in new development starts is up 19%.
Roughly $4.2 billion of the total dollar volume lies on the residential side, but it is worth noting that this represents a 5% decline compared to last year due to a slowdown in single-family starts by local home builders.
In fact, DFW single-family building permits were once again down in March, the eighth month in row in which new home permits were down year over year.
Part of the reason for the decline relates to a shortage of skilled labor, and prices for materials have also been on the rise as well.
Nonetheless, only Phoenix and New York City had more building activity than DFW in the first quarter of 2022, which is still a welcoming trend for anybody looking to buy a home later in the year and beyond.