Page 16 - Green Builder Nov-Dec 2021 Issue

PART 1

Sky-High

Demand CREDIT: ISTOCK/DIMENSIONS

The booming construction and Despite, or perhaps because of, the pandemic, homebuilding and
sales activity of 2021 is going to remodeling surged in 2021. A “perfect storm” of limited housing
inventory, high material costs and labor shortages pushed com-
level off—but nobody’s sure by petent building companies into high demand. Analysts expect the
storm to continue in 2022—at first.
how much. Most of the good news will be in the early part of the year, as
the once-blistering housing economy cools and gives way to a
general correction. Economic experts are forecasting growth in
single-family home construction, sales and pricing at a pace that
is about 40 percent to 50 percent the levels seen in 2021. Much of
that depends on how the pandemic plays out in coming months,
as well as the government’s ability to resolve infrastructure and
debt ceiling issues.
According to Beth Sorvino, U.S. chief economist for S&P Global,
there are two probable scenarios. The positive one portrays a

14 GREEN BUILDER November/December 2021 www.greenbuildermedia.com