New home construction is on the rise in the United States, with more homes being built in 2019 than in previous years. In fact, new home construction rose 11.2%—the highest it’s been in thirteen years. According to an article by FloridaRealtors.org, “Housing construction has been on the rise since July [2019], helped by falling mortgage rates and increased demand as the unemployment rate approached a half-century low. For the year, builders started work on 1.29M homes, the best showing since 2007.”
December of last year was one of the best building months of 2019, as well. The article indicates “that builders started construction on 1.61 million homes at a seasonally adjusted annual rate in December, up 16.9% from the November pace of home building. Construction of single-family homes rose 11.2% to an annual rate of 1.06 million homes” in December. In contrast, apartment construction decreased by 9.6% in the same month.
Further reports show that new home construction has risen steadily throughout the country, not just in one region. The highest increase of new home construction is in the Midwest, with a whopping 37.3% increase. Meanwhile, the Northeast saw a rise of 25.5%, the West an increase of 19.8%, and the South a 9.3% rise.
With so many benefits to building a new home, as well as buying vs. renting, it’s easy to see why new home construction has risen in popularity. Not only are new homes customizable, but they also provide many financial benefits and peace of mind. In addition, building a new home allows you to take advantage of the latest and greatest in building materials and technology.
Ready to move into the home of your dreams? Triple Crown Homes is here to help! Whether choosing from our inventory of quick move-in homes or building a new home from the ground up, we’ve got you covered. Contact our team for more information about our available homes, communities, and building process. We can’t wait to hear from you!