Construction projects kept house builder companies in Longview, Texas quite busy during the first half of the current year. However, most analysts believe that the rise in the number of residential construction projects is still not enough to herald a housing market recovery.
Despite the cautionary outlook presented by real estate analysts, local builders are upbeat about home construction in the area in the coming months, particularly as local numbers have beaten national statistics where decline in homebuilding activities has become common in the past two years or so. The Department of Commerce has reported that nationwide house construction for the first half of the current year declined by 5% compared with the same period of the previous year.
Meanwhile, construction permits for single family dwellings in Longview for the period January to June 2010 posted a total of $13.25 million. This represents a 2.2% increase in project cost from the first six months of 2009. Permits for residential construction in the first half of the previous year recorded a total worth of $12.96 million.
When it comes to the number of permits, Longview Development Services reported that it issued a total of 89 permits during the first six months of the current year which translates to an 8.5 surge when compared with the same 2009 period which had a total of 82 permits issued for single family home construction projects.
One local house builder has revealed that his company is looking at a potential 20% increase in business for the current year's first half compared with 2009. Most home construction firms have reported varying levels of increases but majority have reported a rise in business just the same. Most are also optimistic that the trend will continue on till 2011.
Meanwhile, some developers have reported that the recession has affected sales rates in developments of 28-lot properties. They claim that development trends in this category are coming along nicely, albeit a bit slowly. However, they stated that Texas is still in a better condition economically and housing market-wise compared with other areas of the U.S.
Although house builder firms have admitted that things could be better, they are still thankful that unemployment rates in the state are relatively lower than other metro areas and the national level. They added that less unemployment means more people will be able to afford a home purchase.
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