1.51 million Total Housing Completions in 2022 including Manufactured Homes; Most Since 2007

Completions Will Likely Increase Further in 2023

Although total housing starts decreased 3.0% in 2022 compared to 2021, completions increased year-over-year. Construction delays impacted completions in 2022, and that left a record number of housing units under construction. However, there still were 1.507 million total completions and placements in 2022, the most since 2007.

Not counting Manufactured homes, there are 1.392 million completions in 2022, up from 1.341 million in 2021, and also the most since 2007.

This graph shows total housing completions and placements since 1968 through 2022. Note that the net addition to the housing stock is less because of demolitions and destruction of older housing units. The housing start report last week indicated 1,021.9 thousand single family completions in 2022, 10.0 thousand in 2-to-4 units, and 360.4 thousand in 5+ units.

Estimate note on manufactured homes: In February, the Census Bureau will release the placements of manufactured homes for December and for all of 2022. There were 106.5 thousand placements through November, and my estimate is there were 114.5 thousand total placements in 2022, up from 105.8 thousand in 2021, and the most since 2006.

Completions Will Likely Increase Further in 2023

First, starts will decline in 2023. There were 1.01 million single-family starts in 2022, but single-family starts averaged under 900 thousand (SAAR) during the last six months of the year - so I expect single family starts to decline year-over-year in 2023.