Construction has shown a solid increase in the number of single-home contracts being signed compared to years before. According to Robert Dietz, the National Association of Home Builders Chief Economist, this in an indication that single-family home production should rise in 2018 as well.
This forecast comes on the heels of released figures by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, which say that new home sales are 8.9 percent higher than they were at this time last year, since construction in October rose from a much lower figure depicted in September.
New home sales have shown an increase in all four regions, the highest being in the Northeast with a 30.2 percent increase and this is expected to give at least five months sales supply at the current inventory rate.
Alex Carrick, the chief economist of Construct Connect, believes that by 2021 the construction sector will be heavily factored by residential sales where increases are expected to be six percent or more each year.
In the Construct Connect’s Q4 2017 Forecast Quarterly Report they register a total start percentage for 2017 at 7.9 with residential accounting for 10.1 percent of that and 8.8 percent found in single-family residential starts. 2018 is predicted to have a minor decrease in total starts reaching 4.8 percent and residential starts only 6.7 percent.
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