David M. Blank

Leo Grebler

Louis Winnick

English

Research Papers in Economics

This PDF is a selection from an out-of-print volume from the National
Bureau of Economic Research
Volume Title: Capital Formation in Residential Real Estate: Trends and
Prospects
Volume Author/Editor: Leo Grebler, David M. Blank, and Louis Winnick
Volume Publisher: Princeton University Press
Volume ISBN: 0-870-14099-X
Volume URL: http://www.nber.org/books/greb56-1
Publication Date: 1956
Chapter Title: Appendix B
Chapter Author: Leo Grebler, David M. Blank, Louis Winnick
Chapter URL: http://www.nber.org/chapters/c1338
Chapter pages in book: (p. 330 - 341)APPENDIX B
TABLES ON RESIDENTIAL CONSTRUCTION,
1889-1953
TABLE B-i
New Private Permanent Nonfarm Housekeeping
Dwelling Units Started, 1889-1953
(thousands)
Number Number Number
1889 342 1910 387 1932 134
1890
1891
1892
1893
328
298
381
267
1911
1912
1913
1914
395
426
421
421
1933
1934
1935
1936
93
126
216
304
1894 265 1915 433 1937 332
1895
1896
1897
1898
309
257
292
262
1916
1917
1918
1919
437
240
118
315
1938
1939
1940
1941
339
458
530
620
1899 282 1920 217 1942 301
1900
1901
1902
1903
189
275
zo
253
1921
1922
1923
1924
449
716
871
893
1943
1944
1945
1946
184
139
208
662
1904 315 1925 937 1947 846
1905
1906
1907
1908
507
487
432
416
1926
1927
1928
1929
849
810
753
509
1948
1949
1950
1951
914
989
1,352
1,020
1909 492 1930
1931
330
254
1952
1953
1,069
1,069
M. Blank, The VolumeResidential Construction, Source: 1889-1920: David of
1889-1950, National Bureau of Economic Research, Technical Paper 9,1954,
Table 16. 1921-1952: Construction and Building Materials, Statistical Supplement,
Dept. of Commerce, May 1952, p. 46. 1953: Housing Statistics, Housing and Home
Finance Agency, January 1954, p. 1. Data are preliminary.- APPENDIXB
TABLE B-2
New Private Permanent Nonfarm Housekeeping Dwelling Units
Started, by Type of Structure, 1900-1953
• (number in thousands)
333
r.TUMBERa PER CENTb
Three- Three-
One- Two-or More- One- Two- or More-
Family
(1)
Familyc
(2)
Family
(3)
Family
(4)
Familyc
(5)
Family
(6)
1900
1901
1902
1903
1904
123
177
171
174
207
31
32
32
30
45
35
66
37
48
63
65.0%
64.3
71.5
69.0
65.6
16.3%
11.5
13.3
12.0
14.2
18.6%
24.2
15.3
19.0
20.1
1905
1906
1907
1908
1909
336
316
291
286
328
64
69
59
65
73
107
103
82
65
91
66.2
64.8
67.3
68.9
66.5
12.5
14.1
13.6
15.6
14.9
21.1
21.0
19.0
15.7
18.5
1910
1911
1912
1913
1914
251
249
259
263
263
58
62
71
72
72
79
84
97
85
87
64.8
63.0
80.5
82.6
62.4
14.8
15.8
16.7
17.2
16.9
20.3
21.3
22.6
20.3
20.5
1915
1916
1917
1918
1919
262
267
166
91
239
73
69
32
13
36
97
101
43
15
40
60.6
61.1
69.1
77.0
75.9
16.9
15.8
13.1
10.7
11.5
22.5
23.1
17.7
12.3
12.8
1920
1921
1922
1923
1924
173
316
437
513
534
22
70
146
175
173
22
63
133
183
186
79.6
70.4
61.0
58.9
59.8
10.2
15.6
20.4
20.1
19.4
10.2
14.0
18.6
21.0
20.8
1925
1926
1927
1928
1929
572
491
454
436
316
157
117
99
78
51
208
241
257
239
142
61.0
57.8
56.1
57.9
62.1
16.8
13.8
12.2
10.4
10.0
22.2
28.4
31.7
31.7
27.9
1930
1931
1932
1933
1934
227
187
118
76
109
29
22
7
5
5
74
45
9
12
12
68.8
73.6
88.1
81.7
86.5
•
8.8
8.7
5.2
5.4
4.0
22.4
17.7
6.7
12.9
9.5
1935
1936
1937
1938
1939
182
239
266
316
373
8
13
15
18
20
26
52
51
65
66
84.5
78.4
80.0
79.2
81.4
3.6
4.4
4.6
4.5
4.3
11.9
17.2
15.4
16.3
14.3
(continued on next page)334 APPENDIX B
TABLEB-2 (continued)
(number in thousands)
NTJMBERa PR CENTb
Three- Three-
One- Two-or More- One- Two- or More-
Family
(1)
Farnilyc
(2)
Family
(3)
Family
(4)
Familyc
(5)
Family
(6)
1940 448 28 56 84.6 4.8 10.8
1941 533 28 58 86.1 4.6 9.3
1942 252 18 31 83.8 5.8 10.4
1943 136 18 30 74.2 9.7 16.1
1944 115 11 14 82.7 7.6 9.7
1945 185 9 15 88.7 4.2 7.1
1946 590 24 48 89.0 3.7 7.3
1947 740 34 72 87.5 4.0' 8.5
1948 763 46 104 83.5 5.1 11.4
1949 792 35 162 80.1 3.5 16.4
1950 1,151 42 159 85.1 3.1 11.8
1951 892 40 88 87.5 3.9 8.6
1952 939 46 84 87.8 4.3 7.9
1953 937 41 91 87.7 3.8 8.5
do not always agree with national totals in Table B-i because of ' Totals
rounding.
b Percentages adjusted to add to 100.0 per cent.
Including dwelling units in one-family and two-family houses with business.
Column Source
1-31900-1920: David M. Blank, The Volume of Residential Construction,
1889-1950, National Bureau of Economic Research, Technical Paper 9,
1954, Table 17.
1921-1934: Housing Statistics Handbook, Housing and Home Finance
Agency, 1948, P. 6.
1935-1953: Housing Statistics, Housing and Home Finance Agency,
January 1954, p. 3.
4-6Derived from columns 1-3.APPENDIX B 335
TABLE B-3
Expendituies for New Private Permanent Nonfarm
Housekeeping Dwelling Units, in Current and
1929 Dollars, 1889-1953
(millions of dollars)
Current 1929 Current 1929
Dollars Dollars Dollars Dollars
(1) (2) (1) (2)
1889 806 2,067 1921 1,795 1,882
1890
1891
1892
790
612
763
2,015
1,615
2,073
1922
1923
1924
2,955
3,960
4,575
3,369
4,028
4,721
1893 583 1,589 1925 4,910 5,104
1894 594 1,678 1926 4,920 5,077
1895
1896
1897
679
606
643
1,946
1,726
1,869
1927
1928
1929
4,540
4,195
3,040
4,749
4,374
3,040
1898 574 1,599 1930 1,570 1,610
1899 608 1,579 1931 1,320 1,468
1900
1901
1902
433
610
572
1,067
1,521
1,378
1932
1933
1934
485
290
360
637
381
458
1903 607 1,412 1935 710 882
1904 690 1,624 1936 1,210 1,437
1905
1906
1907
1908
1,154
1,170
1,037
1,034
2,593
2,393
2,029
2,089
1937
1938
1939
1940
1,475
1,620
2,270
2,560
1,574
1,682
2,316
2,517
1909 1,272 2,475 1941 3,040 2,774
1910
1911
1912
1913
1,028
1,000
1,113
1,108
1,932
1,905
2,089
2,135
1942
1943
1944
1945
1,440
710
570
720
1,244
586
431
511
1914 1,081 2,071 1948 3,300 2,114
1915
1918
1917
1,192
1,255
769
2,228
2,202
1,155
1947
1948
1949
5,450
7,500
7,257
2,881
3,563
3,552
1918 391 494 1950 11,525 5,346
1919 1,258 1,366 1951 9,849 4,245
1920 1,072 903 1952
1953
9,870
10,530
4,144
4,344
Column Source
11889-1920: David M. Blank, The Volume of Residential Construction,
1889-1950, National Bureau of Economic Research, Technical Paper 9,
1954, Table 18.
1921-1952: Construction and Building Materials, Statistical Supplement,
Dept. of Commerce, May 1952, p. 6.
1953: Construction and Building Materials, Dept. of Commerce, January
1954, p. 5.
2Column 1 deflated by construction cost index, Table B-b, column 1.336 APPENDIX B
TABLEB-4
Expenditures for Additions to and Alterations 'of Housekeeping
Dwelling Units, in Current and 1929 Dollars, 1915-1953
(millions of dollars)
Current
Dollars
(1)
1929
Dollars
(2)
Current
Dollars
(1)
1929
Dollars
(2)
1915
1916
1917
1918
1919
108
116
110
90
140
202
204
165
114
152
1935
1936
1937
1938
1939
250
295
320
295
320
311
350
342
306
327
1920
1921
1922
1923
1924
140
185
200
210
230
118
194
228
214
237
1940
1941
1942
1943
1944
335
375
225
160
220
329
342
194
132
167
1925
1926
1927
1928
1929
250
270
290
315
340
260
279
303
328
340
1945
1948
1947
1948
1949
. 340
570
735
925
825
241
365
388
439
404
1930
1931
1932
1933
1934
305
175
105
145
200
313
195
138
190
241
1950
1951
1952
1953
900
934
1,045
1,108
417
403
439
457
Source
1915-1920: Table D-2.
1921-1952: Construction and Building Materials, Statistical Supplement,
Dept. of Commerce, May 1952, p. 6.
1953: Construction and Building Materials, Dept. of Commerce, January
1954, p. 5.
2Column 1 deflated by construction cost index, Table B-b, column 1.
Column
1APPENDIX s 337
TABLEB-5
Expenditures for New Private Nonhousekeeping Residential Facilities,
in Current and 1929 Dollars, 1891-1953
(millions of dollars)
Current 1929 Current 1929
Dollars Dollars Dollars Dollars
(1) (2) (1) (2)
1891 13 35 1923 230 233
1892 9 25 1924 255 263
1893 9 25 1925 355 363
1894 7 20 1926 410 416
1895 7 20 1927 330 339
1896 10 29 1928 260 266
1897 17 50 1929 245 245
1898 12 34 1930 200 203
1899 10 26 1931 70 77
1900 11 27 1932 40 52
1901 38 95 1933 35 44
1902 51 124 1934 45 51
1903 36 85 1935 50 58
1904 24 '' 1936 60 67
1905 28 63 1937 80 80
1906 61 126 1938 75 73
1907 45 89 1939 90 86
1908 44 90 1940 90 85
1909 45 89 1941 95 85
1910 40 76 1942 50 43
1911 58 110 1943 15 12
1912 63 117 1944 25 19
1913 46 84 1945 40 29
1914 48 91 1946 145 95
1915 40 75 1947 125 70
1916 60 100 1948 155 77
1917 65 91 1949 185 91
1918 45 55 1950 175 83
1919 75 81 1951 190 83
1920 130 110 1952 185 78
1921 125 131 1953 267 110
1922 205 229
Column Source
1 1891-1914: David M. Blank, The Volume of Residential Construction,
1889-1950, National Bureau of Economic Research, Technical Paper 9,
1954, Table 20.
1915-1952: Construction and Building Materials, StatLstical Supplement,
Dept. of Commerce, May 1953, p. 6.
1953: Construction and Building Materials, Dept. of Commerce, January
1954,p.6.
2Column 1 deflated by construction cost index, Table B-b, column 2.338 APPENDIX B
TABLEB-6
Gross Capital Formation in Housekeeping Residential Real Estate,
in Current and 1929 Dollars, 1889-1953
(millions of dollars)
Current 1929 Current 1929
Dollars Dollars Dollars Dollars
(1) (2) (1) (2)
1889 891 2,284 1921 1,980 2,076
1890 875 2,232 1922 3,155 3,597
1891 694 1,831 1923 4,170 4,242
1924 4,805 4,958 1892 843 2,290
1893 662 1,804 1925 5,160 5,364
1894 872 1,898 1926 5,190 5,356
1927 4,830 5,052 1895 756 2,167 1928 4,510 4,702 1896 683 1,945 1929 3,380 3,380 1897 719 2,090
1898 646 1,800 1930 1,875 1,923
1899 879 1,783 1931 1,495 1,663
1900 503 1,239 1932 590 775
1933 435 571 1901 683 1,703 1934 580 699 1902 648 1,561
1903 691 1,607 1935 960 1,193
1904 788 1,855 1936 1,505 1,787
1937 1,795 1,916 1905 1,264 2,840
1938 1,915 1,988 1906 1,281 2,620 1939 2,590 2,843 1907 1,148 2,246
1908 1,148 2,319 1940 2,895 2,846
1909 1,390 2,705 1941 3,415 3,116
1942 1,665 1,438 1910 1,140 2,143 1943 870 718 1911 1,109 2,113 1944 790 598 1912 1,221 2,270
1913 1,214' 2,339 1945 1,060 752
1914 1,187 2,274 1946 3,870 2,479
1947 6,185 3,270 1915 1,300 2,430 1948 8,425 4,002 1916 1,371 2,406 1949 8,082 3,956 1917 879 1,320
1918 481 608 1950 12,425 5,763
1919 1,398 1,518 1951 10,783 4,648
1952 10,915 4,582 1920 1,212 1,021 1953 11,638 4,801
Column Source
11889-1914: Sum of column 1, Table B-3, and column 1, Table D-2.
1915-1953: Sum of column 1, Table B-3, and column 1, Table B-4.
21889-1914: Sum of column 2, Table B-3, and column 2, Table D-2.
1915-1953: Sum of column 2, Table B-3, and column 2, Table B-4.APPENDIX B 339
TABLEB-I
Turning Points in Long Cycles in Gross Capital Formation
in Housekeeping Residential Real Estate
Current Dollars 1929 Dollars
Peak 1889 1892
Trough 1900 1900
Peak 1909 1905
Trough
Peak
1918
1926
1918
1925
Trough 1933 • 1933
Peak 1950 1950
Peak 1926 1925
Trough
Peak
1933
1941
• 1933
1941
Trough 1944 1944
Peak 1950 1950
Source: Derived from Table B-6.340 APPENDIX B
TABLEB-8
Net Capital Formation in Housekeeping Residential Real Estate
in Current and 1929 Dollars, 1889-1953
(millions of dollars)
Current 1929 Current 1929
Dollars Dollars Dollars Dollars
(1) (2) (1) (2)
1889 712 1,826 1921 815 854
1890 681 1,736 1922 2,052 2,340
1891 493 1,301
1923 2,879 2,929
1924 3,462 3,573
1892 636 1,727
1893 444 1,210 1925 3,749 3,897
1894 452 1,277 1926 3,686 3,804
1895 529 1,515 1927 3,270 3,420
1896 444 1,264 1928 2,876 2,999
1929 1,625 1,625 1897 474 1,379
1898 382 1,063 1930 207 212
1899 386 1,003 1931• —46 —51
1900 186 459 1932 —706 —928
1901 364 908 1933 —847 —1,111
1934 —797 —981 1902 310 748
1903 335 778 1935 —363 —451
1904 428 1,007 1936 124 147
1905 872 1,980
1937 255 272
1906 831 1,700
1938 324 336
1939 958 978
1907 661 1,293
1908 662 1,337 1940 1,162 1,143
1909 869 1,691 1941 1,519 1,388
1942 —353 —305 1910 581 1,093 1943 —1,225 —1,011 1911 545 1,040 1944 —1,464 —1,108 1912 631 1,172
1913 631 1,216 1945 —1,315 —933
1914 587 1,124 1946 1,246 796
1915 671 1,255 1947 2,955 1,562
1948 4,745 2,254 1916 686 1,204 1949 4,415 2,161 1917 69 103
1918 —479 —605 1950 8,417 3,904
1919 285 309 1951 6,310 2,720
1952 6,187 2,597
1920 —231 —195 1953 8,691 2,760
Column Source
1 Column 1,TableB-6, minus column 3, Table E-2.
2 Column2,TableB-6, minus column 6, Table E-2.APPENDIX B 341
TABLEB-9
Turning Points in Long Cycles in Net Capital Formation
in Housekeeping Residential Real Estate
Current Dollars 1929 Dollars
Peak 1887 1887
Trough 1900 1900
Peak 1905 1905
Trough
Peak
1918
1925
1918
1925
Trough
Peak
1944
1950
1933
1950
Peak 1925 1925
Trough 1933 1933
Peak 1941 1941
Trough
Peak
1944
1950
• 1944
1950
Source: Derived fromTable B-8.342 APPEND]X B
TABLEB-b
Residential Construction Cost Indexes, 1889-1953
(1929100)
House- Nonhouse- House- Nonhouse-
keeping keeping keeping keeping
(1) (2) (1) (2)
1889 39.0 .. 1921 95.4 95.3
1890 39.2 38.9 1922 87.7 89.5
1891 37.9 37.6 1923 98.3 98.8
1924 96.9 97.1 1892 36.8 36.5
1893 36.7 36.4 1925 96.2 97.8
1894 35.4 35.1 1926 96.9 98.6
1895 34.9 34.6 1927 95.6 97.3
1896 35.1 34.8 1928 95.9 97.7
1929 100.0 100.0 1897 34.4 34.1
1898 35.9 35.6 1930 97.5 98.4
1899 38.5 38.2 1931 89.9 90.8
1932 76.1 77.4 1900 40.6 40.3 1933 76.2 79.5 1901 40.1 39.8 1934 82.9 87.8 1902 41.5 41.2
1903 43.0 42.6 1935 80.5 86.0
1904 42.5 42.2 1936 84.2 89.5
1937 93.7 99.5 1905 44.5 44.2 1938 96.3 103.2 1906 48.9 48.5
1939 98.0 104.4 1907 51.1 50.7
1908 49.5 49.0 1940 101.7 106.3
1909 51.4 50.8 1941 109.8 111.3
1942 115.8 117.4 1910 53.2 52.6 1943 121.2 121.9 1911 52.5 52.8 1944 132.1 130.5 1912 53.8 53.7
1913 51.9 54.6 1945 140.9 138.5
1914 52.2 52.7 1946 156.1 152.7
1915 53.5 53.3 1947 189.2 179.8
1948 210.5 201.1 1916 57.0 59.8 1949 204.3 202.8 1917 66.6 71.8
1918 79.2 81.6 1950 215.6 212.0
1919 92.1 92.8 1951 232.0 228.2
1952 238.2 236.0 1920 118.7 118.6 1953 242.4 243.3
Column Source
11889: Value for 1890 extrapolated by weighted average of an index of
average wages per day in the building trades and an index of prices of
lumber and building materials. Wage and price indexes from the Aldrich
report; see Historical Statistics of the United States, Bureau of the
Census, 1949, pp. 66 and 234. Weights—wages, 1.0; materials,1.5.
Weights derived from National Housing Agency analysis of housing costs;
see Housing Statistics Handbook, Housing and Home Finance Agency,
1948, p. 32.
(notes continued on next page)APPENDIX B 343
Notes to Table B-b(continued)
Column Source
1890-1906: Value for 1907 extrapolated by weighted averages of an index
of average wages per hour in the building trades and an index of building
materials prices. Wage index from Bulletin of the Bureau of Labor, No.
77, Dept. of Commerce and Labor, July 1908; see Historical Statistics,
p. 66. Price index from Handbook of Labor Statistics, Dept. of Labor,
1941, Vol. 1; see Historical Statistics, pp. 233-234. Weights same as above.
1907-1909: Value for 1910 extrapolated by weighted average of an index
of wage rates in the building trades and an index of building materials
prices. Wage rate index from Union Wages and Hours in the Building
Trades, Bureau of Labor Statistics annual reports; see Historical Statistics,
p. 69. Price index from same source as 1890-1906 data. Weights same
as above.
1910-1914: Value for 1915 extrapolated by Boeckh indexes of residential
construction cost, as given in Historical Statistics, p. 172.
1915-1950: Boeckh residential construction cost index, as given in Con-
struction and Building Materials, Statistical Supplement, Dept. of Com-
merce, May 1951, p. 40, converted to 1929 base.
1951-1953: Boeckh residential construction cost index,as given in
Housing Statistics, Housing and Home Finance Agency, January 1954,
p. 8, converted to 1929 base.
21890-1906: Value for 1907 extrapolated by index in column 1.
1907-1914: Value for 1915 extrapolated by index derived in same manner
as column 1, 1907-1909.
1915-1950: Boeckh index of construction cost for apartments, hotels, and
office buildings, as given in Construction and Building Materials, Statisti-
cal Supplement, May 1951, p. 40, converted to 1929 base.
1951-1953: Boeckh index of construction cost for apartments, hotels, and
office buildings, as given in Housing Statistics, January 1954, p. 8, con-
verted to 1929 base.

Capital Formation in Residential Real Estate: Trends and Prospects

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