Total Single-Family Residential Building Stock in the United States Will Shrink by 4 Billion Square Feet by 2021, Forecasts Pike Research

BOULDER, Colo.--(BUSINESS WIRE)--Single-family homes dominate the residential building stock in the United States, accounting for more than 80 percent of total residential space. Over the last 60 years, the number of single-family homes in the United States has grown and the size of each home has increased, growing by about 40 percent between 1975 and 2010, according to the U.S. Census. According to a new report from Pike Research, a part of Navigant’s Energy Practice, however, the number of single-family homes is now decreasing. By 2021, the report concludes, the total area of single-family homes in the United States will have shrunk by nearly 4 billion square feet (SF), contracting at a negative compound annual growth rate (CAGR) of 0.2 percent.

“As more people move into cities, they tend to occupy apartments, condominiums, and other attached multi-unit housing types. By 2021, over one-fourth of the residential stock of the United States will be in multi-unit residential buildings.”

“For the first time since World War II, the United States is experiencing increased levels of urbanization,” says senior research analyst Eric Bloom. “As more people move into cities, they tend to occupy apartments, condominiums, and other attached multi-unit housing types. By 2021, over one-fourth of the residential stock of the United States will be in multi-unit residential buildings.”

Overall, according to the report, the U.S. residential building stock will grow from 264.3 billion SF in 2011 to 280.1 billion SF in 2021, expanding at a CAGR of 0.6 percent. That growth will be dwarfed by the expansion in residential building stock in some countries in Asia Pacific – particularly China, where residential buildings will grow by 60 percent in the next decade, reaching more than 600 billion SF by 2021. Most of this new space will be in attached residences, especially apartments, in China’s dense urban centers.

The report, “Global Building Stock Database”, provides data and forecasts on the size and growth of the global building stock from 2011 to 2021 as well as a qualitative description of key drivers and trends in the building stock. The data covers eight commercial building types (office, retail, education, healthcare, hotels and restaurants, institutional/assembly, warehouse, and transport) and two residential building types (single-family detached and multi-unit residential) for seven regions worldwide. An Executive Summary of the report is available for free download on the Pike Research website.

About Pike Research

Pike Research, which joined Navigant’s global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.

About Navigant

Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.

* The information contained in this press release concerning the report, “Global Building Stock Database,” is a summary and reflects Pike Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.