The U.S. housing market boom during the mid-1990s and early 2000s propelled rapid growth in the U.S. economy. Housing demand rose sharply, spurring an unprecedented run-up in house prices and a torrent of new construction. The subsequent collapse of the U.S. housing market pushed the U.S. and world economies into steep recessions. This article examines forces underlying the housing recovery to determine when sustained construction growth will resume. The analysis suggests that very strong multifamily construction growth is likely to resume by early 2014 and that moderately strong single-family construction growth is likely to resume by early 2015. The longer term outlook is especially positive for multifamily construction, reflecting the aging of the baby boomers and an associated shift in demand from single-family to multifamily housing. The level of single-family construction is likely to remain moderate and then contract at a moderate rate. Figures and tables. This is a print on demand report.