According to numbers from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD), here’s how December 2014 compared to the previous year.
Between December 2013 and December 2014 we saw:
- 8.8% increase in groundbreakings for new single-family homes, for a total of 1.01 million units (That’s the highest jump since 2007)
- 5.3% increase in privately owned housing starts
- 19.6% increase in privately owned housing completions
There was also a significant uptick in new home construction in the span of one month. Between November 2014 and December 2014 we saw:
- 7.2% increase in single-family home starts
- 6.3% increase in privately owned housing completions
So the home construction recovery is gaining traction, and quickly. Those in the home building industry have reason to feel optimistic. The National Association of Home Builders predicts that in 2015 we’ll see:
- 6.7% increase for housing starts (993,000 new units)
- 26% increase for single-family home starts
The NAHB also predicts a 3% increase in the number of home remodeling projects, as people finally have the financial footing to upgrade their existing homes.
The housing market in general has been sluggish in its recovery over the past few years, so all of this is good news—for the industry as well as the U.S. economy in general.