New Home Starts? We just need our share!
I posted a lengthy article on my home page recently from the Wall Street Journal online, that talked about the drop in Housing Starts nationally. It covers a lot of other economic news as well as Real Estate so you may not take the time to read it. But you should know some of the stuff. If for no other reason than to root for us to get our share.
I want to outline some of the more important items mentioned so that you can relate them to the article I posted last week on the importance of 1000 new homes under construction in the Stansbury Park, Grantsville, Tooele communities.
National Stats:
1. Home Builders slowed construction in August to the lowest rate in 12 years.
2. Permits for future groundbreakings also fell.
3. Housing starts declined in August 2.6 % after falling 6.9 % in July.
4. July permits, an indicator of future building fell 1.7 %.
5. Nationwide 119,200 homes were started in August.
Housing starts declining 6.9% in July is a scary number. Extended over an entire quarter, numbers like this would cost our area in wages alone almost $ 1.6 million, over 50 jobs, and reduce tax income by about $840,000.
That's a big hit for us. So far Utah Real Estate is doing better than it is doing nationally, and Tooele County is holding its own. We need to keep it that way. Wave at the Builders, smile at the subs, take your Realtor to lunch. They all just want us to get our share.
If you actually want to do more, then buy a new home. If you need an Agent, give us a call 801-840-5029