The housing industry has been a strong sector of the economy again in 2021. Housing began this decade with strong demand generated by millennials and baby boomers on the move. The decade started with a severe housing deficit of approximately 3.8 million homes according to Freddie Mac. Inventories of both existing and new homes for sale are at historic lows. During the last decade, the ability of the home building industry to respond to the housing shortage was diminished by the housing recession with the loss of about half of the home builders, trade contractors and tradesman.

2020 began with very strong home sales prior to March 12, when the pandemic closed down the country. Housing recovered immediately after the shutdown with exceptionally stronger housing demand. By the beginning of 2021, there was effectively no available inventory of existing or new homes with 1.9 and 3.6 months respectively of for-sale homes supply.