More than a year into the COVID-19 pandemic, one of the biggest economic stories has been the red-hot residential real estate market.
Housing inventory is at all-time lows, but there is strong demand nearly everywhere.
When housing supply is low and demand is high, residential construction inevitably picks up as builders and developers try to meet demand.
Like many other sectors of the economy, residential construction took a sharp dip early on in the pandemic.
Since then, spending on residential construction has spiked.
While this trend of growth is evident nationwide, some areas are seeing the effects more so than others.
The Midwest region has experienced the greatest increase in the value of new residential construction.
Researchers at Construction Coverage analyzed data from the U.S. Census Bureau’s Building Permits Survey to rank the percentage change in value of new residential building permits.
Kansas is increasing residential construction spending 8th most, with a 59.7% rise in building permits.