BOULDER, Colo.–(BUSINESS WIRE)–Single-family homes dominate the residential building stock in the United States, accounting for more than 80 percent of total residential space. Over the last 60 years, the number of single-family homes in the United States has grown and the size of each home has increased, growing by about 40 percent between 1975 and 2010, according to the U.S. Census. According to a new report from Pike Research, a part of Navigant’s Energy Practice, however, the number of single-family homes is now decreasing. By 2021, the report concludes, the total area of single-family homes in the United States will have shrunk by nearly 4 billion square feet (SF), contracting at a negative compound annual growth rate (CAGR) of 0.2 percent.
“For the first time since World War II, the United States is experiencing increased levels of urbanization,” says senior research analyst Eric Bloom. “As more people move into cities, they tend to occupy apartments, condominiums, and other attached multi-unit housing types. By 2021, over one-fourth of the residential stock of the United States will be in multi-unit residential buildings.”
Overall, according to the report, the U.S. residential building stock will grow from 264.3 billion SF in 2011 to 280.1 billion SF in 2021, expanding at a CAGR of 0.6 percent. That growth will be dwarfed by the expansion in residential building stock in some countries in Asia Pacific – particularly China, where residential buildings will grow by 60 percent in the next decade, reaching more than 600 billion SF by 2021. Most of this new space will be in attached residences, especially apartments, in China’s dense urban centers.
The report, “Global Building Stock Database”, provides data and forecasts on the size and growth of the global building stock from 2011 to 2021 as well as a qualitative description of key drivers and trends in the building stock. An Executive Summary of the report is available for free download on the Pike Research website.