New Construction Starts Forecasted to Increase

In an interview conducted with Bloomberg, the National Association of Home Builder’s chief economist, David Crowe, said housing starts are likely to reach a three-year high of 739,000 for 2011. A continued economic recovery and especially job creation will help bolster the beleaguered housing industry, which will in turn add construction jobs thereby reducing unemployment rates. Said Crowe, “We need job creation to get people comfortable with buying a home. If they do that, we’ll create jobs that will reinforce that home buying and fuel additional job growth.”

A rise in residential housing starts would be welcome news for the economy in general and especially for thousands of displaced workers from the construction industry. While 2011 is expected to be a somewhat slower growth year, the expectations are that 2012 may well be a breakout year to kick fully out of the recessionary period.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.