The Demographic Shift from Single-Family to Multifamily Housing
分析美国人口趋势对独户和多户住宅建设的影响，发现多户住宅长期前景更佳，对关注住房市场和经济复苏的读者有参考价值。
The crash of the U.S. housing market triggered the worst U.S. recession since the 1930s. Beginning in late 2009, multifamily construction rebounded strongly. Beginning in mid-2011, single-family construction began to rebound as well. But during the first half of 2013, growth of both types of construction paused. Rappaport examines the demographic forces shaping demand for residential construction. At the end of 2012, the number of occupied single-family housing units was moderately below its demographic trend level and the number of occupied multifamily housing units was considerably below its demographic trend level. Hence residential construction of both types is likely to pick up in the near future. Over the longer term, slowing U.S. population growth is likely to put downward pressure on both types of construction. Downsizing by aging baby boomers will exacerbate this downward pressure on single-family construction but offset it for multifamily construction. Hence the long-term outlook is considerably stronger for multifamily construction.