Westminster, CO- A look at the Economic Outlook up through the 3rd Quarter of 2012, from a Metrostudy Briefing for the Denver Market is encouraging!!
Some data extracted from the report are below:
Denver Economic Summary
• Employers have added 38,100 jobs since Sep 2011…..a +2.4% growth rate
• Denver ranks 10th of 361 MSA’s for job creation over the last 12 months
• Nine of ten sectors reported gains annually, and four are at or near their
peak employment figures….
– Professional & Business Services
– Education & Health Services
– Leisure & Hospitality
– Other Services
• Unemployment is still high, but starting to fall at a faster rate than the U.S.
rate. Further declines are expected as private sector continues to expand.
• Housing is now a solid contributor to the economic recovery, albeit a slow
one. Multi-family rental market is very healthy, the resale market is strong,
prices are increasing, and home starts are up.
Conclusions
• The oversupply issues plaguing new home builders have corrected,
and builder inventory has all but disappeared. The next big hurdle
for home builders will be “Undersupply” issues as they face
shortages of materials, labor, land and lots.
• At the end of 2012, we’ll have seen more than a 50% increase in
new home starts. It’s unlikely that builder’s will experience the
same level of growth in 2013.
• Metrostudy is forecasting between 7,000-7,300 home starts for
2013, roughly a 30% increase in home starts.
• Increases will appear across the board – master planned
communities, stand alone subdivisions, all price points, attached
product (mostly towns), infill niche product. Thus smaller and new
builders will have opportunity for growth.
• Lot supply will continue to tighten further as starts are expected to
outpace deliveries throughout 2013.
• As builders start to pay high premiums for lots, pay particular
attention to other data sets, such as high school zone performance.
© Copyright Metrostudy 2012
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Thank you for reading, "METROSTUDY 3Q12 BRIEFING - DENVER MARKET AND BEYOND!!"
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