Housing Starts in 2012 Less Than Half Needed To Meet Demand

Housing starts in 2012 are expected to be fewer than half those needed to meet the number of households created, according to a forecast by the Construction Products Association.  Despite a “steady recovery in the private housing market”, the association says that 2012 will once again see a significant shortfall in the number of new homes built, with only 114,500 homes expected to start on site.  This includes 95,400 homes in the private sector and 19,100 affordable homes. This represents a significant increase compared to figures for 2011, which showed that housing starts were down by 4%, to less than 100,000 homes.  However, the National Housing Federation has repeatedly warned that the country needs to build up to 230,000 homes every year to cope with growing demand.  Read more on 24dash.