TIME Magazine reported that, as early as November 2013, there was a 22.7% increase in new residential construction projects, the highest one-month improvement since 1990. This is a piece of old news, as of now; however, it provides the initial proof of the ongoing resurgence of the homebuilding industry not just in Northern America but worldwide. In fact, we can categorically say that it has taken off and is on its way to a steady and stable performance which augurs well for all companies and individuals involved in the industry. The early prediction was that an additional 300 to 500,000 homes will result from the expected economic recovery.
Although we can consider that as just a flash in the pan, it was predicted that by 2014, the economy would begin to take advantage of the growth of the industry as real estate and residential building prices would achieve a new high.
Thus, by 2016, optimism has remained high as predictions for this year point to a sustained gradual growth, based on employment and economic improvements, housing demand affordable prices and reasonable mortgage rates. While jobs in the industry may increase, the growth in the housing industry will depend on the availability of land, labor and materials which still have to keep up with the growing demand. A conservative sales growth of 20% is expected as single-family homebuilding will improve by 14% this year. This is what Goldman Sachs refers to as the tail part of the “post-crisis” housing market supported by a stabilizing home-ownership trend that is being experienced.
Frank Owens, Ltd. is equally bullish as it keeps in constant alert on worldwide trends in the homebuilding industry as such news provides a certain measure of confidence in global individual decisions to venture into large investments, particularly in the domestic-home front. Its involvement in providing service to the industry through recruiting key personnel requires a wide-ranging awareness of factors that affect the industry and its various related sectors as a whole. As labor is a vital component in the industry, so are the executives who provide the technical and managerial skills necessary in keeping the whole business sustained and healthy.