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With mortgage rates in the United States
maintaining all-time low marks, there's never
been a better time for new construction. From East Coast to West Coast
home builders
are capitalizing on the incredible demand for new homes. In 2003 there
were 1,443,600
single-family units started, a nine percent increase from the prior
year. Housing starts in
the Northeast increased 25.3 percent in February 2004 to a seasonally
adjusted annual
rate of 188,000. Midwest new construction totaled 349,000, while 839,000
residential
dwellings, were being constructed in the South and 479,000 in
the West.
Despite these glowing figures, industry economists overwhelmingly
predict that 2004 will
only get better for contractors of new homes and home builders. These
bold projections
are based not only on the outstanding interest rates enjoyed during the
last decade, but
from a growing collection of homeownership, currently at an all-time
high of 68.6 percent
nationally.
Atlanta, a city that serves as host to events and business with
worldwide impact, has
become a hotbed for new home construction. With 53,733 single-family
permits issued
in 2003, the Capital of the South was the number one metro area in new
residential buildings.
The leading state in the Union in new single-family homes is Florida.
The Sunshine State
totaled 155,050 new single-family homes constructed in December 2003,
proving that
the peninsula is more than just a haven for tourists. Orlando (22,385),
Tampa (20,179)
and Jacksonville (12,637) led the way, ranking ninth, 11th and 19th
respectively in 2003
single-family home permits.
With 64,140 single-family homes starting construction in 2003, Arizona
is a solid market
for home builders. Phoenix (46,590) represents most of the action in the
Mesa Valley
and is the second highest new construction city in the country. Tucson's
housing market
grew at a 24.4 percent clip over the previous year with 6,360 new
structures in 2003.
The biggest state in the U.S., Texas has ample space to build new houses
and ranked
third with 133,080 new homes constructed in 2003. Once valuable for the
oil that lay
beneath it, Texas land is now coveted by contractors and new home
buyers. Houston
(33,965) is fourth in the U.S. in single-family housing permits, while
Dallas (26,910),
San Antonio (9,300) and Austin (7,990) are thriving housing markets.
Washington DC is not only the nation's capital, it is one of the
countries most vibrant
and exciting cities in which to live. Its suburbs sprawl out to Maryland
and Northern
Virginia and in 2003 the metro DC area recorded 30,755 housing starts,
fifth most in
the nation. Not far behind is Chicago (30,733), the most populous city
in the Midwest.
More residents of the Windy City have found the areas north of the city
to be appealing
residential options and chosen to build rather than live downtown. Other
states with
promising new home construction futures include Michigan, North Carolina
and Ohio. |
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