In 2018, the Northeast was in its strongest year on record for new construction, according to a new report.
The Northeast is in the middle of a historic rebuilding effort, according the Northeast Regional Center for Urban and Regional Research (NERCUR) which released its 2018 State of the Region report.
The report, which looks at everything from the economy to housing affordability, has been updated every five years.
The region has been in the midst of a housing boom, which is expected to continue through 2019.
While many new developments in the Northeast are located in the cities, the region is also seeing the construction of new housing in rural areas.
The NRCCR report shows that as many as 7.5 million homes were built in the region during the 2017-2021 period, which was up 20% from the previous five-year period.
New housing was built in nearly half of the regions total housing units, with a total of 3.5 billion units built.
This growth is due in part to the rising number of homes in cities.
While the overall number of new homes in the United States has dropped from 5,566,000 in 2016 to 4,872,000 today, the number of urban homes has increased by an average of 1,749,000, according a report from the Urban Institute.
The growth in the number and types of new residential units has also been driven by the influx of new foreign workers to the country.
“New housing is being built in cities and suburbs, but the growth in urban housing has been very strong in the last five years,” said Dan Rosenfeld, senior vice president at NRCC, in a statement.
“It is clear that the economy is on a long and sustainable upturn, and that this is a good thing.
But the growth of new rental housing is also creating new opportunities for people in the suburbs.”
The Northeast has seen some of the largest growth in new rental units in the country, as more and more people move to the region, especially during economic times.
The Northeast has experienced the fastest rate of population growth in recent years, according NRCC.
“This growth has not come without challenges.
The economy has been hit hard by the Great Recession and the resulting slow recovery.
But new construction has helped mitigate some of these problems,” said Rosenfeld.
“New housing has also made it easier for low-income residents to move to areas where they have a better chance of finding a good job.”
While the NRCC report shows strong growth in housing construction, it also shows some challenges for new renters.
New rentals are not always available, particularly in areas that have seen a spike in the influx and construction of high-rise buildings.
The region has seen a number of housing projects go up or down because of the downturn in construction.
“The number of apartments in the neighborhood has grown faster than rents, which can result in the rental market being more competitive with the local market, but not always the best option,” Rosenfeld said.
“There are also some local rules that make it difficult for renters to get a place to live, and there are also restrictions on what types of buildings can be built in certain areas.”
The NRCC estimates that new rental apartments in cities will average $1,200 per month per person.
That means a typical New Englander could be paying between $1.40 and $2,500 a month for a one-bedroom apartment, with the average rental for a two-bedroom rental apartment currently hovering around $2.50 per month.
While the new housing is helping to keep down the cost of living in the area, the housing shortage is also having an impact on the rental markets in many of the major cities, according an NRCC analysis.
In some cities, as new rental homes become available, the vacancy rate in the local area has dropped, while the number renting has gone up.
This can lead to higher prices for rental apartments, as the rental supply of a city is likely to have been boosted by the housing demand.
New rentals in New York City, for example, are priced between $2 and $3,000 a month, which makes it easier to rent a one bedroom apartment, but it is also easier to get into a two bedroom apartment.
New rental units have been popping up in places such as Long Island, Long Beach, New York and Queens.
While many people are still struggling to find new housing, Rosenfeld says the NRCE is hopeful that the region will see an upturn in the coming years.
“We are optimistic that the recovery is on the horizon and that housing is getting a lot more affordable,” Rosenfield said.
“But we also know that this recovery has not been quick enough for all of us, and we are hopeful that we can keep going.”