Last Updated on September 1, 2022
Have you noticed lately that the roads seem more crowded with dump trucks, heavy equipment haulers and construction material vehicles?
This may be an annoyance when you’re stuck behind a truck or backhoe – but it’s a most welcome sight to millions who make their living in the new home construction industry.
And fortunately, it won’t change anytime soon. When the housing recession ended, a housing boom was predicted – and it has arrived. Experts are predicting this boom to last up to 15 years.
So what’s the cause of this recent phenomenon? John Burns Real Estate Consulting, the premier consultant to the nation’s builders, attributes this boom to four basic reasons:
Government Involvement. The policies created in areas such immigration, mortgage, and urban investments continue to play a major role in housing demand.
Technology. Improved health care extends life and allows birth later in life. The Internet allows workers more freedom to work where they want. Construction technologies make homes more energy-efficient and affordable. All of these factors contribute to more homes being built.
Economy. Regional economies in high-tech areas across the county are providing the majority of job opportunities and a plentiful supply of affordable housing.
Social Shifts. Family structures are changing and the types of homes people desire have shifted as well. One great example is the surge in immigration in the past 25 years, which is a driving force in homes designed for multiple generations.
We’re excited about these changes that are bolstering the new construction industry. Here’s to at least 15 great years!
