New Construction Gaining Momentum

By
Real Estate Appraiser with PahRoo Appraisal & Consultancy

New construction is gaining momentum this year and in Chicago, the housing market continues make headlines.  Based on July 2013 home sales, building permits, housing starts, and home completions nationally were all areas of significant improvement in July.

According to the Census Bureau, building permits were up nationally 2.7% from June 0f 2013 and account for 943,000 for the year.  That is a 12% uptick from July, 2012.

Housing starts showed nearly 6% growth from June to July this year and was the largest increase of the 3 categories with 21% from 2012.

Housing completions came in just under 2% from June to July and a 15% increase year over year.  The main factor driving these numbers was due to multifamily projects.

 

McGraw-Hill, an analytics company based in New York City, provided data taken from 11 major housing markets in the U.S. and Chicago was near top of the chart.

yearly increses

 

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Chicago’s, yearly increase was the most promising, although only ranking 10 out of 11 of the top producing cities in new construction “dollars and cents”..  Chicago showed a 44% increase this year in new construction, only being topped by 2 other markets.  Miami showed a 45% yearly increase and Atlanta… well let’s just say, it wasn’t even close.  Atlanta reported a 79% yearly increase in new construction.

 

Third place isn’t so bad Chi-Town.    

 

http://www.pahroo.com/New+Construction+Gaining+Momentum

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Rainmaker
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Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Michael:

Love the profile picture. lol Great news for your area. Have a wonderful week. 

Aug 28, 2013 06:21 AM #1
Rainmaker
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Terri Poehler
Realtor - Coral Springs, FL
Coral Springs Real Estate Agent

New construction is definitly taking off here in South Florida. I personally know many in the business and they are working again!

Aug 28, 2013 06:24 AM #2
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

That, new construction, is really all I have much interest in selling.  Love it.  I closed on one yesterday and, as I said, Just think, in 10 years your home will be 10 years old.  The resales we saw will be anywhere from 20 to 30 years old.

Aug 28, 2013 07:06 AM #3
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Michael Hobbs

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