The National Association of Home Builders is forecasting a 21% increase in single-family home starts in 2011. The number is estimated to be 575,000, as compared to 475,000 units started in 2010. Multi-family housing starts are expected to rise 16% this year to 133,000 units. NAHB is expecting an additional 53% increase in 2012 to 203,000 multi-family unit starts.
NAHB also reports that the average size of homes completed in 2010 was 2,377 square feet, which is down 3% from the previous year. The average size peaked in 2007 at 2,523 square feet. A NAHB survey shows that more than 50% of builders plan on building smaller and less expensive units in 2011 and beyond.