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The Home Building Geography Index (HBGI) is a quarterly measurement of building conditions across the country and uses county-level information about single-family and multifamily permits to gauge housing construction growth in various submarkets. The HBGI for the second quarter of 2025 focuses on the population density-based delineation of home building that has been the mainstay of the HBGI.

Key Findings for Q2 2025

• Single-family production continues to lag behind last year’s levels due to housing affordability challenges, including persistently high mortgage rates, the skilled labor shortage and excessive regulatory costs.
• Affordability conditions in the single-family market remain at crisis levels, which boosts the need for new multifamily construction.
• Multifamily construction saw notable growth in smaller geographies, with gains occurring in all areas except for large metros.
  • The trend of strong multifamily construction in counties with lower population densities has been a key factor as to why multifamily construction has done so well in 2025.

Download the data file of the full HBGI findings

Regional Building Growth Conditions

Æðµã´«Ã½ classified all counties in the U.S. as one of seven regional categories based on population density and regional location. For each area, Æðµã´«Ã½ tracked single-family and multifamily growth rates (not seasonally adjusted) and market shares.