Hardware Retailing The Industry's Source for Insights and Information
As the housing market continues to recover, housing starts continue to trend upwards. With wavering numbers towards the end of 2013 and the beginning of 2014, recent months have provided strong growth that has led to an anticipated 991,000 total housing starts for 2014. If this forecast holds for November and December, housing starts will be up 6.6 percent from 2013.
According to economists who attended the National Association of Homebuilders’ 2014 Fall Construction Forecast webinar, this projected growth can be attributed to a “growing economy, rising household formations, low mortgage rates and pent-up demand.” As the labor market improves and payroll levels increase, millennials will begin to form households and the current supply of housing will not sustain the long-run demand.
Overall, the housing market looks promising for 2015, with single-family production expected to increase 26 percent and residential remodeling activity to grow 2.7 percent.
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