September Reported A Jump in Homebuilding

 According to CNN, US homebuilding is on the rebound. This comes after the drop seen in August of what was reported the lowest levels since 2020. This can be blamed mostly on the climbing mortgage rates. 

September saw a 7% jump in new home construction housing starts. The housing starts measure new home construction and rose to a seasonally adjusted annual rate of 1.358 million. The Census Bureau predicted a rate of 1.38 million, higher than data proved.

The number of units was also lower than a year ago by 7.2% as well as the building permits at the same 7.2%. Building permits declined 4.4% in September to a seasonally adjusted annual rate of 1.473 million.

“September numbers were a mixed bag, with starts up and permits down, but both remain low by historical standards, suppressed by high mortgage rates,” said Robert Frick, corporate economist with Navy Federal Credit Union.

“Builders continue constructing smaller homes using less land, and offering incentives, but to build our way out of the housing shortage we’ll need mortgage rates well below current levels,” he said.

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Make Your New Custom Home Design Exceptional

 

At Ron Lee Homes, we specialize in semi-custom and fully custom-built homes for our many home buyers. Because of this, we have an extensive portfolio of house plans that include a mix and match of features that we have introduced throughout the years to our discerning custom home buyers. Through specialized requests and the new and unique custom features constantly being introduced throughout the real estate market, we have an incredible variety of specialty offerings we can propose for any floorplan design.

Whether it’s a specific type of wine cellar, butler’s pantry, mud room, custom closet, walk-through shower, etc., we have worked with our new home buyers to try to provide them with their dream home

design. Our floorplans are constantly being evaluated for efficiency, as well. Making our designs not only built to an exceptional quality but making them as friendly to your budget as possible is all part of our custom home building process.

When building new, custom homes, we take into account much more than just the interior amenities and features. We are looking to design and build for you a complete plan, where the exterior can be just as important as the interior. We have created extensive outdoor spaces, such as custom, covered, screened-in porches with an outdoor patio area, covered and outdoor kitchens and catering areas, outdoor fireplaces, design for outdoor entertainment, including sound systems and televisions, pool and fountain designs, hot tubs, and so much more!

If you are ready to start your custom home building journey, get in touch with us to Schedule Your Consultation to discuss your new home floorplan and exterior design! Call 985-966-0086 or email Info@RonLeeHomes.com.

 

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Employment is Rising and Single-Family Homes Are Under Construction

New jobs reports and the falling unemployment rate have brought about a positive economic outlook of many Americans in the U.S. The employment growth is a big reason for both the real estate and housing industries’ latest boom both with new construction homes for sale as well as resale homes for sale. The strong job reports have encouraged many to believe there is not a “double dip” recession looming so many are relieved and feel confident in purchasing a new home. Everything from apartment buildings (multi-family homes) to single-family homes are under construction everywhere you turn in the country.

The rise in household formation by millenials as well college grads that have finally been able to get a job has led to new houses being built which has attracted workers in the construction industry. Employment in the field of construction reflects an average of 20% of the jobs that have been recently created. The American Association of General Contractors showed 80% of construction firms planned to hire this year. JOLTS survey showed an increase of 36% in the number of construction job openings year-over-year.

Mark Vintner, senior economist at Wells Fargo Securities says, “Home building will be one of the economy’s largest upside surprises in 2015.”

This is very good news for those looking for employment in the construction industry. Contractors are desperately seeking those who are skilled in all areas of construction which include part time and full time employees as well as sub-contractors. Vintner points out that overall, nationwide, there is a shortage of skilled construction workers. The American Association of General Contractors also reports that 87% of construction firms are having difficulty filling positions. Moody’s Analytics Adam Ozimek believes the shortage is due to lack of wage growth in the construction industry. However with the decline in unemployment, the job market will soon become an “employees’ market” instead of a employers’ market, which should drive up competitive hourly and salary wages. For the construction industry, this should put many out-of-work carpenters, builders, plumbers, electricians, and day laborers back to work with a healthy salary. Ron Lee Homes has been following this construction employment trend in St. Tammany Parish by expanding its services to include remodeling as well as custom home construction. To build your new, custom home today, Contact Us at 985-626-7619 or E-mail Info@RonLeeHomes.com.

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