New construction rebounds as housing demand skyrockets
With a tight inventory of existing homes which are selling fast, for some, it’s hard to find that dream home in Butler County.
However, there’s been some good news in the area of new construction.
Recently construction approval was granted for a development in Butler Township. But construction approvals were recently granted to many different new developments in Cranberry, Middlesex, Adams, Center and others.
According to a recent Associated Press story, U.S. housing construction rebounded strongly in March to the fastest pace since 2006 as home builders recovered from an unusually frigid February that shut down projects.
Builders began construction on new homes and apartments at a seasonally adjusted annual rate of 1.74 million units in March, the Commerce Department reported, a 19.4% increase over February, when housing construction fell by 11.3%. It was the fastest pace for building since a level of 1.8 million in June 2006 during the last housing boom.
According to the report, applications for building permits, a good sign of future activity, increased by 2.7% to a seasonally adjusted annual rate of 1.77 million units. Economists expect housing construction to remain strong this year given the record low level of homes for sale.
But a tight existing homes inventory, Realtors tell us, keeps sales down. Right now, however, new-home contractors should continue to gear up, because as the economy recovers, demand certainly isn’t going to slow down.
These are boom times for new-home contractors. Homebuyers can explore the joys of owning a new home and the benefits of new schools, new neighborhoods and brand-new opportunities.
So for those looking for a place in Butler County, don’t be discouraged. Opportunities abound.
— AA
