Total Housing Completions will Likely Decrease Slightly in 2023; The Mix will Change

Multi-family completions should increase sharply this year

Although housing starts have slowed, completions will likely only decrease slightly in 2023.

This graph shows total housing completions and placements since 1968 with an estimate for 2023. Note that the net additional to the housing stock is less because of demolitions and destruction of older housing units.

My current estimate is total completions (single family, multi-family, manufactured homes) will decrease in 2023 to around 1.45 million, down from 1.505 million in 2022. However, the mix will change significantly from 2022 with fewer single-family completions, and more multi-family completions.