MarketXLS

Housing Units Under Construction 1.262M for 

Housing Units Under Construction came in at 1.262M for Jul 2026, down 0.16% from 1.264M the prior month and 5.96% below its level of 1.342M one year ago. The series has averaged 1.018M since 1970, reaching a record high of 1.714M in October 2022 and a record low of 414 in August 2011.

Source: Federal Reserve Economic Data (FRED), St. Louis Fed

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Cite this data: "Housing Units Under Construction," MarketXLS. Data from Federal Reserve Economic Data (FRED), St. Louis Fed. marketxls.com/indicators/housing-under-construction

Historical Data

⋮
⋮
July 1, 20261.262M
June 1, 20261.264M
May 1, 20261.252M
April 1, 20261.268M
March 1, 20261.262M
February 1, 20261.27M
January 1, 20261.27M
December 1, 20251.281M
November 1, 20251.301M
October 1, 20251.312M
September 1, 20251.323M
August 1, 20251.313M
July 1, 20251.342M
June 1, 20251.348M
May 1, 20251.363M
April 1, 20251.394M
March 1, 20251.4M
February 1, 20251.409M
January 1, 20251.407M
December 1, 20241.43M
⋮
⋮
April 1, 1998906
March 1, 1998905
February 1, 1998896
January 1, 1998886
December 1, 1997872
November 1, 1997865
October 1, 1997858
September 1, 1997846
August 1, 1997836
July 1, 1997836
June 1, 1997826
May 1, 1997816
April 1, 1997810
March 1, 1997808
February 1, 1997810
January 1, 1997817
December 1, 1996814
November 1, 1996829
October 1, 1996821
September 1, 1996824

About Housing Units Under Construction

What it measures

Housing Units Under Construction (FRED series UNDCONTSA) counts the total number of privately owned housing units that have been started but not yet completed, reported monthly at a seasonally adjusted annual rate by the Census Bureau and HUD within the New Residential Construction report. Unlike starts or permits, which measure monthly flows, this series is a stock: the standing pipeline of homes actively being built.

Why it matters

The under-construction pipeline determines near-term housing supply and sustains construction employment even after starts roll over, which is why economists watch it to time when a housing slowdown will hit jobs and completions. A large backlog implies future inventory arriving on the market, relevant for rent forecasts and homebuilder pricing power. It also captures the effect of construction delays, which stretch the pipeline without any change in demand.

How to read it

The stock moves slowly, so direction matters more than monthly wiggles. A rising count alongside falling starts means completion bottlenecks; a falling count signals the pipeline is draining and construction activity will follow starts downward with a lag. Split the single-family and multifamily components, since multifamily projects take far longer to complete and can hold the total elevated well after new activity fades.

Get Housing Units Under Construction in Excel

Pull Housing Units Under Construction directly into your spreadsheet with a single MarketXLS formula - always current, no copy-pasting:

=ResidentialConstruction()

View the Residential Construction formula documentation or browse all 100+ Economic Data functions.

Frequently Asked Questions

What is the current Housing Units Under Construction?

Housing Units Under Construction is 1.262M as of July 2026.

What is the all-time high and low of Housing Units Under Construction?

The highest value on record is 1.714M (October 2022) and the lowest is 414 (August 2011).

How often is Housing Units Under Construction updated?

Housing Units Under Construction is published on a monthly basis, sourced from Federal Reserve Economic Data (FRED).

How do I get Housing Units Under Construction in Excel?

Use the MarketXLS Excel formula =ResidentialConstruction() to pull Housing Units Under Construction directly into any cell, with historical values available for analysis.

Basic info
Residential construction means projects consisting of single family homes and apartments up to and including four (4) stories.
RegionUnited States
FrequencyMonthly
Last updatedAugust 18, 2026
Seasonal adjustmentSeasonally Adjusted
UnitThousands of Units

Stats
Last Value1.262M
Latest PeriodJul 2026
Last UpdatedAugust 18 2026, 07:33
Value Previous Month1.264M
Change From Previous Month-0.16%
Value 1 Year Ago1.342M
Change From Year Ago-5.96%
Average Growth Rate0.62%/yr
Record High (Oct 2022)1.714M
Record Low (Aug 2011)414
Long-Term Average1.018M
FrequencyMonthly
AdjustmentSeasonally Adjusted
UnitThousands of Units

Annual Averages
20261.264M
20251.349M
20241.552M
20231.687M
20221.666M
20211.385M
20201.213M
20191.148M
20181.128M
20171.082M
20161.019M
2015899

Related Indicators
Industrial Production: Total Index
Capacity Utilization: Total Index
Total Business Inventories
Advance Real Retail and Food Services Sales
US Light Vehicle Sales
Durable Goods Orders
Core Capital Goods Orders
Commercial and Industrial Loans
Total Consumer Credit
Corporate Profits After Tax
Housing Starts
Building Permits
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