Houston Builders Look to Add 28,000 Homes in 2018
Yesterday we reported that the Colorado Springs metro is scheduled to have a budding year in terms of new home construction. They aren't alone. Houston builders are looking to add 28,000 homes in 2018 alone, according to a new report.
"The forecast by Lawrence Dean, an economist at the research firm Metrostudy, projects local housing starts will rise to 28,000 this year, a 2.5% increase over 2017, but a 10% jump over the market's 2016 trough," according to National Mortgage News.
While this seems to be great news for Houston, there are some issues that builders will be facing. The report revealed that there are labor shortages and a rising cost in materials could hamper builders.
Meanwhile, there is also concern over the rising mortgage rates that could prevent buyers from taking a chance on a new home. However, on the flip side, economists are hoping that the recent federal tax cuts will give buyers a little more money to spend.
To learn more about the projected increase in homes for Houston, click on the image above.