US Chamber Releases Report on Housing in America
Housing has long been a cornerstone of the American dream and a vital component of the nation’s economy. Yet, the U.S. housing market is in crisis, driven by a fundamental imbalance between supply and demand. A severe shortage of over 4.5 million homes has created cascading economic and social challenges, from skyrocketing prices to reduced workforce mobility.
This deficit, rooted in a decade of underbuilding following the Great Recession and surging demand from millennials entering prime home-buying years, has driven up prices and worsened affordability. High mortgage rates and soaring rents have further exacerbated the crisis, which now impacts the broader economy by reducing consumer spending, increasing employee turnover, and hindering businesses' ability to attract and retain talent. Addressing this shortage is essential for stabilizing the market and supporting long-term economic resilience.
The full report can be viewed here.
