Are you aware that new home construction has a significant and positive impact on the economy?
The Associated Press is reporting that the improving economy is one of the key factors fueling the construction of new homes.
Additionally, an existing low inventory of pre-owned homes available on the real estate market is creating an environment in which home sellers are facing less competition.
With mortgage rates remaining at all–time lows and apartment costs rising, more people are choosing to build new homes. Robert Kavcic, an economist at BMO Capital Markets, comments, “The overwhelming trend here is a housing market that has clearly shifted into recovery mode.”
New home construction has a significant positive impact on the economy. The Associated Press is reporting that each new home built creates an average of three, 12-month long jobs; and adds approximately $90,000 in tax revenue.
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