Single-family housing construction will see a boost this year due to a strengthening labor market, low interest rates, improving mortgage availability and growing pent-up demand, reported economists at the International Builder’s Show in Las Vegas Jan. 20-22.
“The signs point to a more robust year for housing,” said David Crowe, chief economist of the National Association of Home Builders. “Household balance sheets are returning to normal levels, home owners’ equity is increasing and significant pent-up demand is rising. More than 7 million existing home sales were postponed or lost during the downturn; and while some are lost forever, we should see some catch-up.”