2014 is predicted to be the best year since 2008 for the residential construction industry.
The National Association of Home Builders is predicting a 24 percent increase in residential construction within 2014. The Street reported that “new residential construction soared in November to a seasonally adjusted annualized rate of 1.091 million, the highest level since June 2008 and well ahead of market expectations.”
According to the NAHB News, “Private residential construction spending was up 1.3% in November, with single-family spending up 1.8% and multifamily up 0.9% for the month. Improvement-related spending, a key gauge of the remodeling sector, was up 2.2% for November, and increased 7.1% for the first 11 months of 2013.”
At the end of 2013, builder confidence grew and the December NAHB/Wells Fargo Housing Market Index rose by four points. It is currently 37 points higher than it was in December of 2011, which is very encouraging for 2014.
The Census Bureau also reported that total residential construction alone increased by 16 percent from November 2012 to November 2013.
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