National Outlook

The Four U.S. Cities with the Highest Construction Costs

Jennifer Goodman / Builder / May 22, 2017 Turner & Townsend ICMS 2017 New York and San Francisco have taken over Zurich, Switerzland, as the most expensive cities in which to build, according to a new study that also shows the global effects of a shortage of construction labor. Construction costs in New York are set to rise by 3.5 per cent over 2017, reflecting a major influx of real estate in …

Remodeling Activity Is Continuing Its Five-Year Growth Climb, Latest RRI Finds

REMODELING Staff / Remodeling / May 22, 2017 Source: Metrostudy Pro-worthy remodeling activity nationwide recorded its 20th straight quarter of growth during 2017’s first three months and looks set to keep rising, albeit a bit more slowly, through 2020, today’s release of Metrostudy’s latest Residential Remodeling Index (RRI) indicates. The index hit a new high of 107.3, which means remodeling-fri …

HOUSING STARTS DISAPPOINT, DROP 2.6%

Permits fall as well, shattering economist expectations for gains in both. Housing starts and permits slipped in April, the Commerce Department reported Tuesday, falling well below the expectations of economists. Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,172,000, 2.6% below the revised March estimate of 1,203,000 but still 0.7% above the April 2016 rate …

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Local View

SACRAMENTO HOUSING 1Q17: Growth Returns to the Market Even as Affordability Limits are Tested

Annual Housing starts were up 13% compared to 1Q16, while closings were up 33% Quarterly new home starts are up 15% YoY – in fact, 1Q17 marked eight consecutive quarters with more than 1,000 starts. Start activity has shifted into the price ranges above $400K as builders adjust pricing to offset increased construction costs; last quarter we saw the elimination of product below $200k, and now only …

INDIANAPOLIS 1Q17 HOUSING: New Home Production at Post Recession Highs – Land Prices Forcing Builders into More Affordable Locations

1Q17 marked the 10th straight quarter of annual new home growth in this market – New Home Starts for the quarter were up 24.4% YoY Annual closings trended higher to 5,093 by the end of 1Q17, rising 11.2% y-o- y and marking the first time over 5,000 annual closings since the Great Recession. Quarterly lot delivery rose by 10.4% in 1Q17 compared to 1Q16, outpacing quarterly starts by 6%. The lack of …

RIO GRANDE VALLEY HOUSING 1Q17: Gains in New Home Starts Signal Strengthening Market; Vacant Lot Supply Remains High

1Q17 Annual New Home Starts Up 4.3% YoY; Annual New Home Closings Up 3% YoY. New single-family starts in the $100K to $200K range represented 66% of the RGV market in 1Q17. New home inventory totaled 1,337 homes, up by 44 units in 1Q17, and the inventory of 11,909 vacant developed lots represents a 71.8 months of supply, well above the healthy range. Metrostudy’s 1Q17 survey of the Rio Grande Vall …

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