The home construction business is recovering from the recession, reports a Coyne College-Digital Third Coast study, illustrated in an infographic. Though almost two million total housing permits were issued in the U.S. in 2006, the recession largely stalled building. But in 2014, single-unit housing accounted for about two-thirds of total permits issued in the U.S. Additionally, multifamily housing has nearly returned to its pre-recession rates. New home building is also estimated to increase at a rate of 25 to 28 percent this year.
Matt Zajechowski, outreach manager at Digital Third Coast, helped oversee the research and produce the infographic. As for the study’s most startling findings, he shares, “The lack of millennials represented in the demographics of new homebuilders was startling to me, and a bit worrisome.” But there’s another piece of hopeful insight, he says: “Homes in the U.S. are selling at the highest rate since February 2007.”
The research may also have implications for the interior design industry. “With the growth of new home construction, it shows the need for skilled tradesmen, including designers and design pros, especially in the top states for new home construction that we highlighted in the graphic,” says Zajechowski. The top states for new home construction include Florida, California, Texas, North Carolina and Virginia.