Single-family starts should continue on a gradual, upward trajectory in 2020, fueled by solid job growth and low mortgage rates that will keep demand firm, according to economists speaking at the International Builders' Show in Las Vegas.
Spending on residential improvements will continue to grow over the next two years at a gradual pace, according to experts at a press conference hosted by the National Association of Home Builders Remodelers.
The National Association of Home Builders' Remodeling Market Index posted a reading of 58 in the fourth quarter of 2019, up three points from the previous quarter.
Total housing starts increased 16.9 percent in December to a seasonally adjusted annual rate of 1.61 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. This is a 13-year high for housing starts.
Builder confidence in the market for newly built single-family homes edged one point lower in January, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index. The last two monthly readings mark the highest sentiment levels since July of 1999.
Demand for glass used in windows and doors is forecast to increase 4.3 percent per year from $3.6 billion in 2018 to $4.4 billion in 2023, according to Freedonia Group’s study, Window & Door Components.
Builder confidence in the market for newly built single-family homes increased five points in December off an upwardly revised November reading, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index.