Despite 'Bumps' Builders Like Housing Trend
Washington, DC, March 20, 2013 -- Builders were heartened by yesterday's news that housing starts edge higher by 0.8% to a seasonally adjusted annual rate of 917,000 units in February.
“Demand for new homes and apartments is definitely rising as the spring buying season approaches and more young people move out on their own,” said Rick Judson, chairman of the National Association of Home Builders.
“Builders are responding to this improved demand by putting more crews back to work and pulling more permits for future construction, though this positive activity is being constrained by continuing issues with appraisals and credit availability for both builders and buyers, and also by newly arising challenges such as lot shortages and increased costs for labor and materials.”
NAHB Chief Economist David Crowe said the report indicates that, despite some bumps in the road, overall housing production continues on the solid upward trend that was prevalent throughout 2012.
“Moreover, further gains in permit issuance are a positive sign that home construction will continue to drive economic and job growth in the coming months, albeit at a slower pace than would be possible without certain limiting factors,” he said.