There are various factors which have led to the low housing situation we’re seeing. A leading cause was the major disruption to the global supply chain in 2020. As countries across the globe shut down to stop and slow the spread of COVID-19, production and shipment of many goods was significantly delayed, including lumber and other building supplies.
With these necessities either too scarce or extremely expensive, construction on new homes practically came to a standstill. A lack of skilled workers played a role in fewer homes being built in 2020 and through 2022 as well. The construction of these new homes is vital as there aren’t enough existing single-family homes to meet demands in certain areas. For more Information check out the below resource.
Graphic created by New City Moving, a professional moving company.
