New Episode: The U.S. Housing Supply Crisis and Economic Mobility
Hi, I’m Pete Carroll, executive of public policy at CoreLogic. In Part 1, we talked about subsidies needed, and in Part 2, we unpacked new innovations in manufacturing. Today we’ll conclude with creating new efficiencies in traditional, so-called “stick-built” housing to help solve the Housing Supply Gap Crisis in the United States.
Most homes are still traditionally manufactured on-site with brick and wood and hammer and nail, also known as “stick-built” homes. While manufacturing efficiencies have not evolved much as of late, there are new technologies and collaboration tools that can speed the cycle time of new development significantly, helping move the needle on new housing unit production. This can generate new efficiencies in development project planning, collaboration, and approval at the community level.
Use of GPS and mapping tools at the property level, as one might use in an online home searching tool, can make it much faster and easier for home builders to locate communities and even the specific parcels that make good candidates for new development or rehabilitating existing housing stock. Market listing data can help gauge consumer demand and price points, and construction cost data can accurately determine the cost of developing these homes. Machine learning models can help to optimize housing designs and ensure they provide a reasonable rate of return to the home builder.
The use of this data in collaborative forums, such as workshops that bring together all public and private stakeholders to a development project, can help to increase communication and build trust.
Ultimately, this helps get everyone on the same page—local county or municipal leaders, homebuilders, lenders, and others. This coordination can help with critical choices like where to build homes and what types of homes to build. This can result in faster “greenlighting” of new projects and can significantly reduce the cycle time from development concept ideation to “shovel in dirt.” In short, teamwork makes the dream work!
In Part 1, we talked about the importance of subsidies—in the form of grants, tax credits and other subsidies. In Part 2, we covered innovations and new technology that can fundamentally change the way we think about building homes. And now we’ve covered the value of data, geospatial visualizations, and predictive models, especially in pulling together all the stakeholders that sit at the table when it comes to the multifaceted Housing Supply Gap Crisis.
There is no one solution to this problem, and no one person or entity can solve it. They are all critical, urgent, and have to come together, with all of our help now.
Thanks for tuning into this episode of “The U.S. Housing Supply Crisis and Economic Mobility.” For more information about the property ecosystem, visit corelogic.com/intelligence . Otherwise, make sure to like, leave a comment and subscribe, and we’ll see you in the next episode.
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