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Housing Continues to Remain Strong
Posted on June 27th, 2016

 

With the first half of 2016 drawing to a close there is some good news for contractors. According to CNBC, housing remains a "pillar of strength for the economy." Residential construction added almost a six-tenths of a percentage point to first-quarter gross domestic product, which is the biggest contribution in more than three years. And while six-tenths doesn't sound like much, when you consider the recovery housing has had to make, you can see that is quite the leap.


According to the report, groundbreaking on single-family homes, the largest segment of the market, rose 0.3 percent to a 764,000-unit pace last month. Single-family starts in the South, where most home building takes place, rose 2.6 percent to their highest level since December 2007.


Housing starts rose to 1.16 million units in May, which is more than the forecasted 1.15 million units.


Utah's economy, which is not only the best in the west, but in the nation as a whole, is a good place for contractors to be right now. Business, residential, and infrastructure projects are all keeping Utah's contractors employed at record numbers.


Here's hoping that the second half of 2016 only gets better!


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