The number of building permits issued is at a decade high, and building boomtowns are popping up all over the South and West. Construction is actually outpacing the current population in some cities, indicating that there may be population growth in those areas as people come in search of jobs.
Builder confidence in the market for newly-built single-family homes remains strong thanks to low mortgage rates and positive job growth. Home building jumped in October by 3.8%, the strongest pace since the beginning of the year, largely because of construction in the West and South.
On Tuesday, Lawrence Yun, chief economist of the National Association of Realtors and fellow Forbes.com contributor, said the issuance of housing permits booming ahead to their highest level in over a decade is “tremendously good news for the housing sector,” explaining that “permits are just paper, while housing starts are shovels in the ground — and permits generally lead starts.”
Advertisement
Related Stories
Construction
5 Steps to Cracking the Code for a High-Performance Home
As a model of energy savings, water conservation, indoor comfort and health, and use of on-site renewable energy, The New American Home 2024 offers valuable lessons
Construction
Proven Ways to Improve Jobsite Productivity
Consider these solutions for reducing cycle time, hard costs, dry runs, rework, miscommunication, and overall inefficiencies on the jobsite
Single-Family Homes
What Does It Cost to Build a Single-Family Home?
A closer look at the itemized costs in each stage of construction for a single-family home
