HBGI Q1 2026: Single-Family Construction Slips Across All Geographies

Single-family construction declined across all geographies in Q1 2026, with large metro core counties experiencing the sharpest pullback of 16.0% year-over-year, driven by elevated interest rates, rising material costs, and labor shortages, while multifamily construction expanded in most markets with large metro core counties leading at 20.8% growth. The data reflects a decade-long structural shift away from dense population centers toward smaller and outlying markets in single-family construction, while multifamily construction has recently begun regaining share in large metro core counties after a period of migration to smaller markets.