Even though many people are searching for their next home, residential construction in the metro Milwaukee area is behind much of the country, according to a new report.
According to a report from Construction Coverage, out of all large U.S. metros, Milwaukee is spending 12th least on residential construction during spring 2020.
The analysis found that the value of new residential construction in the Milwaukee metro totaled $773.7 million last year — which amounted to $491.16 per resident — compared to $926.92 per resident at the national level. Out of all large U.S. metros, Milwaukee is spending 12th least on residential construction.
The report found that most of the new residential construction is taking place in areas where population growth is highest: mountain west states like Utah, Colorado, Idaho, and Arizona; and southern destinations like Texas, South Carolina, and Florida are among the places where per capita investment in new residential construction is greatest.
To identify the locations that are spending the most on construction, researchers at Construction Coverage analyzed data from the U.S. Census Bureau’s Building Permits Survey and American Community Survey. Total annual residential construction spending in each location was divided by total population to calculate a per capita figure. The research team also collected data on the total value of new residential construction, the number of new residential units, and the single- family home proportion of total value for additional context and comparison.
For the entire United States, value of new residential construction (per capita) in spring 2020 was $926.92 million. The value of new residential construction (total) was $304,253,199,000.