According to the National Association of Home Builders, construction spending has reached its highest point in over four years! Builders are feeling optimistic about the market again and are scooping up land for pre-sales and spec homes.
Construction spending in November of 2013 was over $930 billion which is 5.9% higher than spending in November, 2012…that’s a difference of over $50 billion!
Not only does this spending create a new supply of homes, but it should also help stabilize home prices and increase the number of home sales. In addition, new construction generates added tax revenue and for each new construction home built, three new jobs are created for the year! Good news for real estate and good news for employment!