What will 2013 bring?
Predictions from a variety of sources are all positive. We see local building to continue the growth seen in 2012 but most of it will be concentrated in suburban areas.
In the rural areas construction is almost at a standstill or even declining and we don't see that changing significantly this year.
Here are some headlines for 2013 predictions. The links to the full articles are included.
Housing Remains on Growth Track for 2013, but Challenges Remain
Single-family home starts are projected to climb to 534,000 units this year, up 23 percent from 2011. NAHB is forecasting that single-family new-home production will post a healthy 21 percent gain in 2013 to 647,000 units. Starts will continue their upward climb in 2014, posting a further 29 percent rise to 837,000 units.
http://www.nahb.org/news_details.aspx?newsID=15657
Real Estate Forecast 2013: The Housing Market
The improvement we've seen recently results from a simple phenomenon: construction of new fewer housing units has been less than the growth of demand. Last year total units (single family houses plus the number of apartment units) ran just over 600,000. This year we'll probably build about 750,000 units. At the peak of construction in 2005 there were 2.5 million units built. We need about 1.5 million new units per year to accommodate population growth, the desire for vacation homes as well as demolition of old units. That, too, is a soft number. The true annual need may be 1.4 million or 1.6 million, but it was never 2.5 million nor 0.6 million.
It's too early for housing starts to get back to normal-and we certainly will not see above-normal construction anytime soon. But 2013 will probably see over one million total housing starts. This will be a substantial percentage gain over 2012.
http://www.forbes.com/sites/billconerly/2012/10/08/real-estate-forecast-2013-the-housing-market/
UPDATED: State, local groups see boom for construction in 2013
The number of single-family homes constructed in 2013 will increase by 39 percent over the number built in 2012, according to a forecast released today by the Home Builders Association of Michigan.
http://www.hollandsentinel.com/news/x1665857216/Home-Builders-Association-of-Michigan-forecasts-strong-increase-for-home-construction-in-2013
Another Prediction
The McGraw Hill 2013 Construction forecast provides a real positive outcome on housing. Single housing should be close to $150 billion, more than 20% of 2012 number. It is important to highlight that according to the forecast the 2012 has seen an increase in housing close to 27%. In addition to the single housing expected rise, the multifamily housing industry should also get solid number; 16% over this years' totals.
http://construction.about.com/od/New-Construction/a/Construction-Forecast-2013.htm
