According to the Home Building Geography Index (HBGI), announced on Sept. 1, 2026, home building trends diverged across geographies in Q2. While single-family construction declined in nearly all geographic categories, multifamily construction expanded across six of the seven categories. Activity was increasingly concentrated in large metro cores and suburban counties.
The decrease in single-family construction in the second quarter eased as these geographies contracted at a slower pace than the previous quarter. Outlying counties in small metro areas reported growth, increasing by 0.9% following four consecutive quarterly declines. The geographic composition of single-family construction continued to shift toward smaller and less densely populated markets in Q2.
