New housing construction has been on the upswing since early 1975, following a severe downturn in 1973 and 1974. In many respects the current housing recovery is similar to other postwar recoveries, although apartment construction has not rebounded to the extent observed over similar periods in the past. Some perspective as to the nature of the current housing recovery can be gained by comparing its cyclical characteristics with those of previous recovery periods and by surveying the impact of several relevant economic variables on recent housing industry patterns.