Construction

The letter cites rapidly rising interest rates, rising home prices and rents, and the rising cost of lumber and building materials for significantly decreasing housing affordability.

Prices increased 20.4% annually and have risen 33% since the start of the pandemic.

NAHB/Wells Fargo Housing Market Index finds cost, availability of materials top concerns for single-family home builders.

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

The U.S. construction industry is expected to grow 1.8% in 2021 and 3.7% in 2022 before it registers an average annual growth rate of 3.7%.

60% of Americans cannot afford the new inventory that's hitting the market.

As the cost of labor, lumber, and construction materials continues to rise, 3D printed homes seem to be the most promising solution.

AFR will begin accepting new applications for the Construction-to-Permanent financing on May 3, 2021.