Latest Economic Reports Confirm Strong Residential Construction Recovery
May 21, 2021
Residential construction has rebounded stronger than ever as Washington emerges from the dark days of the COVID-19 pandemic, according to two government reports issued May 2021.
On May 17, the state’s Economic and Revenue Forecast Council reported “Washington housing construction soared in the first quarter of 2021 to its highest level in nearly 43 years.”
According to the May 17 Economic & Revenue Update, in Q1 2021, 63,700 units (SAAR) were permitted, up from 44,400 in the fourth quarter of 2020. The number of housing units permitted in a quarter has not been this high since the second quarter of 1978.
Then, on May 19, the Employment Security Department reported in its April 2021 monthly employment report that Washington had added 230,700 new jobs year over year from March 2020 to March 2021—of which 39,400 were in construction.
Despite the challenges of COVID, our industry remains strong, leading the economy to recovery by surpassing previous year numbers even after being shut down for four weeks last spring. The statistics above clearly display the positive contribution home builders make to our communities and economy.