Home Building Geography Index (HBGI)
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
NAHB classified all counties in the U.S. as one of seven regional categories based on population density and regional location. For each area, NAHB tracked single-family and multifamily growth rates (not seasonally adjusted) and market shares.
