March is seeing growth in new construction. Released along with the jobs numbers, the housing market appears to show signs of improvement in line with the growth in 2012. This means an expansion of other related jobs like pipe layers, electricians, and HVAC technicians.
The Los Angeles Times reports that the U.S. Department of Commerce released its data saying the housing starts increased 0.8% in February over the revized January figures. This puts the annual rate of housing starts at 917,000. When these numbers are compared to February of last year, this accounts for a 27% increase in residential construction.
This growth in homes is sure to mean a greater demand for supporting industries. New plumbing will need to be laid; new wire will need to be installed; drywall and roofs will have to be put up; and, heating and air conditioning will need to be in place. Considering this with the jobs figures for March, this is some welcomed news that will surely strengthen the economy for April.
“The current consensus among housing market forecasters is that starts will continue to increase at annual rates in excess of 20 percent in both of the next two years, bringing the total to about 990,000 in 2013 and then to a total of 1,190,000 individual housing units over the course of 2014.”
This kind of growth is sure to continue if market analysts are correct. It would be best to plan for this proposed growth; because, as these construction numbers increase, an implied increase in non-construction jobs will be made. This increase of jobs would further demand that residential construction alse increase. These kinds of numbers are estimates, but they do seem to be low when considering the recurring feedback provided by an improvement in jobs numbers into housing back into jobs.
March numbers show some improvements in residential housing construction. It would be best to keep an optimistic attitude and to prepare for an even greater growth of these numbers.
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