As home builders replenish local housing inventories, thousands of new jobs will be created, according to U.S. News & World Report. The construction sector will experience the highest number of job gains, and every new home built will keep an average of three people employed for an entire year. If single-family housing starts increase from 530,000 in 2012 to 640,000 in 2013, that means that more than 300,000 new jobs will be created!
The growing home building industry will also add 15 percent net growth to the U.S. GDP. Currently, there are only around 40,000 completed, move-in ready homes for sale in the United States and builders are preparing for a busy 2013.
U.S. new home starts are at the fastest pace in four years, and more builders started construction on new homes and apartments in October 2012 than in any month since July 2008, according to the Department of Commerce. Builder sentiment is holding at a steady 46, the highest reading in more than five years.
In the Chicago real estate market, more new homes were sold in October 2012 than in any month since October since 2006. Chicago even recently ranked as one of the most-searched-for housing markets online at Realtor.com!
More Americans are finding jobs and qualifying for low mortgages, which is good news for both the local and national real estate markets. Construction of single-family homes in the Chicago suburbs is on the rise, as well as condo and apartment construction in the downtown area.