Thursday, October 28, 2010

NAHB's Forecast for 2011 is Positive

Several HBA of Greenville members attended the webcast of the NAHB Fall Construction Forecast Conference this week at the HBA Office. NAHB forecast that Home Builders will need to build 16 million new homes in the next 10 years, roughly a three-fold increase over the current volume of about 500,000 units per year.

Specific to Greenville, NAHB projects that permit activity will increase by 60 percent in 2011 over projected 2010 construction activity, and 2012 will rise another 40 percent. Contributing to the increase is excellent job formation in the Upstate, low interest rates, low inventory and foreclosures, and pent-up demand.

Following the webcast the participants discussed the results and debated the predictions for 2011 and 2012.

Piedmont Natural Gas sponsored the webcast and provided wings and beer for the participants.

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