Many of the projects being completed were delayed by the pandemic.

High interest rates are hitting the construction industry, but homebuilder confidence keeps growing, given the steady demand for new construction.

There may be more supply, but it tends to cater to demand at the higher end of the income spectrum.

The Census reports that construction of multifamily homes, like apartment buildings, was up about 25% year-over-year.

Most new homes are going up in the South and states like Utah and Nevada, where homes are generally more affordable than on the coasts.