A recent report shows that new home starts are on the rise. New demand calls for builders with experience and expertise in overseeing custom projects.In fact, new home builds reached their highest point since the Global Financial Crisis. Single-family new home starts surged 10.7% to 869,000 in October, per the latest Commerce Department data, as overall new builds climbed by 25.5% to a seasonally adjusted annual rate of 1.323 million in the month of October, 2016.
For the same period, according to ConstructionDive, “housing starts climbed 25.5% in October to a seasonally adjusted annual rate of 1.323 million from September’s upward-revised estimate of 1.054 million, the Commerce Department reported Thursday. October’s figure is 23.3% higher than October 2015 and is the highest rate since August 2007.”
“Building permit authorizations, which indicate future construction activity, edged up 0.3% to 1.229 million in October from September’s adjusted rate of 1.225 million, and they are up 4.6% from a year ago.”The uptick in housing starts, based on government sources, also comes as a surprise. In the run up the November 8th election saw uncertainty, at least according to some commentators.
However, the favorable numbers in October belie such assertions, and point to continued strength, despite the outcome of the presidential race.This demand puts pressure on the construction market. Custom home builds call for expertise in the execution of such design. And the simple fact is, inexperienced home builders may have difficulty in completing custom home builds, necessitating that shoppers exercise good judgement in choosing a home builder. Cornerstone Builders is experienced in custom constructions and ready to help you see your next project through to complete. Contact us today to get the process started.