The economy is still weak, but according to reports, in September of 2012 builders started new home construction at the fastest rate in more than four years and that could result in a boost in the economy. The pace of construction has grown over the past year, and with building permits in Florida up 53-percent in August 2012 from August 2011, Florida new home construction is steadily on the rise. With record low interest rates and fewer “used” homes on the market, buyers now have more opportunities than ever to build the home of their dreams.
According to Patrick Newport, U.S. economist at HIS Global Insight, the housing market will add about 0.25 percentage points to overall economic growth this year. If that statement proves to be accurate, it would be the first time in five years that housing has been a positive factor in economic growth. According to the National Association of Home Builders, each new home built creates an average of three jobs for a year and generates about $90,000 in tax revenue.
You may ask, how is the new housing market growing when the economy is still struggling? Since March of 2007, the U.S. population has grown by nearly 13 million and as our population continues to grow those people need places to live.
These numbers show how important new home construction is to the potential growth of the economy. At Highland Homes, we’ve had an increase in sales and construction activity over the past several months and are currently building Tampa, Orlando, Winter Haven and Lakeland new homes in more than 25 communities. With 40+ home designs to choose from and affordable prices from the low-$100,000s, you are sure to find the perfect home for your budget, style and needs.
For more information on all of our beautiful new home communities, visit the Highland Homes website.