Dive summary:

• The current pace of U.S. housing construction has recovered from the bubble enough to keep up with demand fueled by population growth, but it is not meeting needs for housing stock to replace older structures, according to the consulting firm CoStar Group.
• Analyst Ruijue Peng says the shortage is especially acute in the multifamily sector, which she contends has been running at a reduced level since 1986.
• Peng says an upturn has to be coming soon unless the U.S. chooses to accept a reduced standard of living, which she characterized as "not only unlikely,but also undesirable."

From the article:

"After the bubble burst in 2008, housing construction plunged to a historically low level," Ruijue Peng says. "While today’s new housing construction still covers the addition of new households, it leaves little room for retrofitting or replacement of the existing housing stock." ...