Housing Starts: Record Average Length of Time from Start to Completion in 2023
Length of Time from Start to Completion
Census released the annual data on the length of time from start to completion, and this showed ongoing construction delays in 2023.
In 2023, it took a record 8.6 months from start to completion for single family homes, up from an already elevated 8.3 months in 2022. For 2+ unit buildings, it took a record 17.1 months for buildings with 2 or more units in 2023, unchanged from 17.1 months in 2022.
The delays following the housing bubble were due to many projects being mothballed for several years. The recent delays were due to pandemic related supply constraints.
Length of Time from Authorization to Start
From Authorization to Start, it took a record 1.5 months in 2023 for single family homes, up from 1.4 months in 2022, and it took a record 2.8 months in 2023 for 2+ Unit buildings, unchanged from 2.8 months.
I spoke with a major window supplier earlier this week about construction delays. In early 2023, they were quoting 26 weeks for delivery. Now they are quoting 4 to 5 weeks. A major change - and I expect the average time from start to completion to decline in 2024.
Note: This is reported when projects are completed, so the length-of-time will still be elevated in 2024.