Construction Market
Research in the U.S.
We invest time in research—studying materials, building science, regional codes, and market conditions—to inform how and where we work. This ongoing process helps us adapt proven methods to new contexts while staying grounded in practical, real-world construction knowledge.
Washington State’s population is estimated at approximately 7.96 million as of July 1, 2024, representing about 2.3% of the total U.S. population. The state has experienced consistent population growth, adding more than 1 million residents over the past decade, including an increase of over 28,000 people in the most recent year. The racial composition includes approximately 64.2% White, non-Hispanic residents, 14.6% Hispanic or Latino residents, and 5.4% identifying as two or more races.
British Columbia
5,697,536
https://www150.statcan.gc.ca/t1/tbl1/en/ tv.action?pid=1710000901
Washington State
7,958,180
https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_ by_population
Housing Needs in Washington State
According to the Washington State Department of Commerce, the state will need to add 1,100,000 new homes over the next 20 years to accommodate population growth. This represents an average of 50,000 new homes per year.
The Washington State Housing Strategy 2020–2030 is a call to action for all sectors to work collabora- tively to expand housing choices and ensure access to suitable homes for residents.
1,100,000 new homes needed in Washington State (2025–2044)
https://www150.statcan.gc.ca/t1/tbl1/en/ tv.action?pid=1710000901
Current Housing Needs in USA: 4,700,000 new homes are needed nationwide.
The United States is currently facing a housing shortage of nearly 4.7 million homes, a gap that has been building for decades. This shortfall reflects a mix of long-term underbuilding, steady population growth, and a surge in household formation as younger generations enter the housing market.
The result is a housing market under pressure: affordability challenges are increasing, prices re- main elevated, and inventory has yet to recover to pre-pandemic levels. Even as new homes are being built, the pace of construction is simply not enough to keep up with demand, leaving a widening divide between available housing and the number of households seeking it.
This shortage is not evenly distributed across the country. In particular, the West Pacific Coast Region is expected to see continued population gains, fueled by migration trends, employment opportu- nities, and lifestyle choices that draw new residents to the area. These dynamics place additional strain on already limited housing supply in fast-growing communities.
Key Insight: Without significant increases in resi- dential construction, the United States will continue to struggle to meet the housing needs of its pop- ulation. At least 4,700,000 new homes are needed nationwide to close the gap and restore balance to the housing market.
4,700,000 homes short of a healthy housing supply
Rising demand driven by young- er generations forming new households
Key Figures
50+ years of underbuilding as a major contributing factor
West Pacific Coast Region expected to see continued strong population growth
50+ years of underbuilding as a major contributing factor
Housing Needs in Washington State
According to the Washington State Department of Commerce, the state will need to add 1,100,000 new homes over the next 20 years to accommodate population growth. This represents an average of 50,000 new homes per year.
The Washington State Housing Strategy 2020–2030 is a call to action for all sectors to work collabora- tively to expand housing choices and ensure access to suitable homes for residents.
Washington State is experiencing a significant shortage of skilled construction trades. This shortage is expected to continue and is already affecting the ability of construction companies to complete projects on schedule and within budget.
Difficulty finding qualified workers:
According to the Associated General Contractors of America, approximately 80% of construction companies in Washington State report difficulty finding an adequate number of skilled workers.
Aging workforce and lack of new entrants:
The construction industry is facing a demographic challenge, with an aging workforce and a declining number of younger workers entering skilled trades.
Project delays and increased costs:
Labor shortages are contributing to project delays and rising construction costs, which are ultimately passed on to consumers.