The long under-development of home construction in the U.S.—both individual homes and multifamily—started after the global financial crisis and domestic housing crash. And it’s overly easy to leave the analysis there.

But a new paper from Federal Reserve Bank of Kansas City senior economist Jordan Rappaport points out that another enormous factor has been commuting time. The pandemic resulted in, among other things, a shakeup of perceptions about commuting. The ultimate effect could be an almost doubling of single-family home construction.

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Erik Sherman

 

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