Compared to this time last year New Homes and Condominium starts are way down in Utah.
According to the adversity Index published by Moody's and MSNBC, single family housing starts in the Beehive state (new construction) are down 40.19% from this same time one year ago.
Moody's says that measuring New Home starts is a good way to measure the economic health of an area.
Based on an article we wrote last year, we believe it as well. The article had to do with how much money and in what form the construction of one home had on an area.
The article was called "Why buy a New Home In Salt Lake City UT"...... and covered the impact new construction had on new jobs, taxes,fees, after home purchase buying. services Etc:
Our friend Curt Dowdle, of the Salt Lake HBA put a number to it when he wrote two weeks ago that economic studies show that each new home built creates 3.5 construction and ancillary industry jobs.
So, New Home starts in Utah are important to our economy, and here is how we stand regarding New Construction of homes and condominiums in some of our Utah communities compared to one year ago.
UTAH: PERCENT OF DECREASE IN NEW CONSTRUCTION HOME STARTS THIS YEAR.
Utah 40.19%
St. George 50.68%
Salt Lake 49.86%
Ogden 44.09%
Logan 40.28%
Provo/Orem 6.53%
As you can see, only the Provo/Orem area has not been devastated over the last 12 months.
You can also see that since we all know that the home building industry contributes a great deal to the health of an economy there is need for some real increases.
The good news is, that although homes starts are down, the same Moody article suggests that the industry is NOT contracting as rapidly as 6 months ago. A recovery could be on the way.
Utah new homes builders are doing all they can to help make a recovery happen.
Lower priced inventory, sales incentives, price reductions of standing inventory, interest rate buy downs and many more reasons to get you out to their models and to keep their people working.
If you have thought of owning your own new home you could be part of the recovery. Call your Realtor,get out to the model home and see what they have for you.
If you dont have an agent, give us a call. 801-567-0946. We know why New Home starts are way down in Utah, and why that can help you.
Comments(0)