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With mortgage rates in the United States maintaining all-time low marks, there's never been a better time for new construction. From East Coast to West Coast home builders are capitalizing on the incredible demand for new homes. In 2003 there were 1,443,600 single-family units started, a nine percent increase from the prior year. Housing starts in the Northeast increased 25.3 percent in February 2004 to a seasonally adjusted annual rate of 188,000. Midwest new construction totaled 349,000, while 839,000 residential dwellings, were being constructed in the South and 479,000 in the West. Despite these glowing figures, industry economists overwhelmingly predict that 2004 will only get better for contractors of new homes and home builders. These bold projections are based not only on the outstanding interest rates enjoyed during the last decade, but from a growing collection of homeownership, currently at an all-time high of 68.6 percent nationally. Atlanta, a city that serves as host to events and business with worldwide impact, has become a hotbed for new home construction. With 53,733 single-family permits issued in 2003, the Capital of the South was the number one metro area in new residential buildings. The leading state in the Union in new single-family homes is Florida. The Sunshine State totaled 155,050 new single-family homes constructed in December 2003, proving that the peninsula is more than just a haven for tourists. Orlando (22,385), Tampa (20,179) and Jacksonville (12,637) led the way, ranking ninth, 11th and 19th respectively in 2003 single-family home permits. With 64,140 single-family homes starting construction in 2003, Arizona is a solid market for home builders. Phoenix (46,590) represents most of the action in the Mesa Valley and is the second highest new construction city in the country. Tucson's housing market grew at a 24.4 percent clip over the previous year with 6,360 new structures in 2003. The
biggest state in the U.S., Texas has ample space to build new houses
and ranked third with 133,080 new homes constructed in 2003. Once valuable
for the oil that lay beneath it, Texas land is now coveted by contractors
and new home buyers. Houston (33,965) is fourth in the U.S. in single-family
housing permits, while Dallas (26,910), San Antonio (9,300) and Austin
(7,990) are thriving housing markets. |
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