New Home Starts Down 7 Percent in Quarter One
PRESS RELEASE
For Immediate Release
Alicia Naleid, Director of Communications
(608) 242-5151 ext. 13
New Home Starts Down 7 Percent in Quarter One
Numbers of permits down just slightly from 2022
April 25, 2023 – The latest numbers compiled by the Wisconsin Builders Association (WBA) from quarter one of 2023 show the number of new home starts is down seven percent from 2022.
The data, submitted by all municipalities across the state, shows 2,713 permits were pulled statewide between January 1 and March 31, just 7 percent less than the 2,917 permits pulled in quarter one of 2022.
“Even despite the decline from 2022, we are still well above pre-pandemic numbers, with just over 1,900 starts occurring in quarter one of 2020,” said WBA Executive Director Brad Boycks.
Continued high building costs, regulatory burdens, and high mortgage rates are to blame for the decline, however an uptick of building in March has builders across the country optimistic for what is to come this spring and summer.
“Like so many other industries, homebuilding has had to keep up with inflation so the cost of building a new home has not decreased,” said WBA President Mike Howe. “However, our National Association of Home Builders and the Wells Fargo Housing Market Index is showing that due to a limited number of existing homes, the industry is poised to continue to do well, and we’re looking forward to seeing where we are at the end of second and third quarter.”
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About the Wisconsin Builders Association
The Wisconsin Builders Association is a professional trade association comprised of 21 local associations dedicated to helping members build communities around the state. We advocate the interests of 4,000 home building industry members to keep housing affordable and accessible for Wisconsin families, Protecting the American Dream for over 70 years.