What’s holding single-family starts back?

Despite high homebuilder confidence, single-family housing starts have lost momentum since the start of the year. A combination of lot and labour shortages, and the high price of materials, is responsible for that disappointing performance. Of those three, labour shortages look to be the most significant constraint, and the hardest one to solve. In turn, that implies the recovery in single-family construction will continue to be very gradual.