The saying goes that hope springs eternal, but in the construction industry, hope has become a scarce commodity. The challenges faced by developers in securing financing for their projects, combined with the increased costs due to the labor shortage and rising material prices, have created a sense of uncertainty and frustration within the industry. The result has been an alarming number of projects that remain stalled on the drawing board, causing widespread anxiety and concern.
But fear not my friends for there are signs of hope on the horizon, so get ready to break out the champagne, because the US housing market is rebounding. According to Business Insider, cancellation rates have plummeted to pre-pandemic levels and homebuyers are snatching up properties faster than you can say 'mortgage approval’.
This is excellent news because the residential sector serves as a reliable leading indicator of the overall direction of the economy and the construction industry. When people purchase homes, it signals the need for complementary infrastructure, commercial, and retail developments to support the growing community. As such, a thriving residential sector is essential for the sustained growth and success of the construction industry as a whole.
Read full Business Insider article here