You heard it here first, remember that. We are at the bottom.
We will stay here (with some dips and starts) for 3-4 months and then head steadily upwards again.
On November 17, the Commerce Department reported that construction of new single-family homes and apartments dropped to an annual rate of 1.486 million units last month, down a sharp 14.6 per cent from the September level.
The decline, bigger than expected, was the largest percentage decline in 19 months and pushed total activity down to the lowest level since July 2000.
Applications for new building permits, seen as a good sign of future plans, fell for an eighth consecutive month, declining 6.3 per cent to an annual rate of 1.535 million units.
The level of building activity in October was 27.4 per cent below activity in October 2005, the biggest year-over-year decline since March 1991.
Construction of single-family homes fell by 15.9 per cent in October from the seasonally adjusted September level, dropping to an annual rate of 1.177 million units. Construction of multi-family units dropped by 9.1 per cent to an annual rate of 309,000 units.
But, the monthly survey of builder sentiment edged up slightly in early November following another small increase in October. It marked the first back-to-back improvements in builder sentiment since June 2005. Moreover, in the Northeast construction jumped by 31 per cent.
The smart money is on projects scheduled to hit the Spring 2009 market. Get you raw land NOW.
Is Development your Business?
I agree. Barring a slowdown in job growth in Massachusetts, the worst is probably behind us.
Posted by: Rich Rosa | November 28, 2006 at 11:48 PM
Good Day. Never fear the want of business. A man who qualifies himself well for his calling, never fails of employment.
I am from Finland and , too, and now am writing in English, tell me right I wrote the following sentence: "Modification the monster wins for not high of the unison's prone locations."
Best regards :-D, Macario.
Posted by: Macario | September 05, 2009 at 06:29 AM