As the sales of homes begin to increase, so does the construction of new homes.
We have come to a point where more people are becoming confident once again in entering the housing market. Because of this surge, the growth in population, and the need for newer units, new homes are once again in demand.
What could possibly be the problem? Well new home construction tanked when the market crashed. People not only were unable to afford to pay to build their new home, but people were flocking to older units and renting properties. Now as the times are turning to more positive roads, homes are in greater demand. But because the construction industry took a hard hit, there are not as many construction experts out there. However, with this new surge, the industry is expected to grow significantly adding more jobs on average than any other industry.
In terms of the housing market, this could indicate a continuing upward trend of homebuying. While some still claim housing is unattainable with current rules and programs available, the uptick in housing construction could suggest otherwise.
Check out this HousingWire
article to see where your state ranks in terms of new home construction.