The pandemic shut down a lot of construction work as people put off buying new homes until things settled down. As society in the United States opens back up and restrictions ease, home buyers once more are looking for new construction sites to invest in. This means that the forecasts look great for home builders and the home construction subcontractors who work with them as the new home market starts to bounce back.
Multifamily Home Construction
The last quarter of 2021 saw multifamily home building rocket in non-metro areas, with a 91.2% increase from the previous year. Even metro areas saw increases in apartments and other multifamily home construction with rises of 21.8% in the last quarter of 2021.
Increase in Jobs
Job growth also rose in February 2022, allowing home buyers to have potentially more security and enhance their chances of seeking new construction. Plus, the construction industry had more job growth, indicating a more robust sector with greater needs for all types of building projects, including residential. Within this construction job growth are home construction subcontractors, which include electricians, plumbers, and other trade professionals.
Boost in Spending on Single-Family Construction
Lastly, January saw an increase in single-family home construction of 13.4% compared to the same month a year before. This increase means more people are buying new homes and spending more on them. The boost in spending means home builders and home construction subcontractors have better prospects for the coming year.
Partner with Professionals in New Construction by Choosing Plumbing Concepts
If you’re a home builder, work with our new construction plumbing team at Plumbing Concepts. We have decades of building work in Southern California to back up our reputation for quality work. Contact us today for references or more information about working with us as your home construction subcontractors for plumbing work.
Sources
https://eyeonhousing.org/2022/03/january-private-residential-spending-up-1-3/
https://eyeonhousing.org/2022/03/surprising-job-growth-in-february/
https://eyeonhousing.org/2022/03/multifamily-housing-demand-returns-to-higher-density-markets/
https://plumbingconcepts.com/services/new-construction/
https://plumbingconcepts.com/contact/
