New Homes Being Built: 3 Things You Can Learn

new homes being built

Single-family starter-home buyers are intimidated by price tags even though financing options and rates are at lows that haven’t been seen in a very long time. Is there a solution to the high costs of new home investment? Yes. You can learn more about new homes being built using construction data.

Starter Homes May Be Big Business

“Smaller homes, smaller lots, smaller price tags,” says a Northwest Minnesota Housing Cooperative in Thief River Falls, Minnesota. If you are involved in the construction industry, this is a trend you’ll want to watch. And what do smaller home developments need?

  • Apartment-sized furniture
  • Durable, easy-cleaning flooring for families
  • Handicap bars for seniors
  • Push lawnmowers
  • Stackable washer/dryer combos

…and everything from neighborhood drycleaning to community healthcare facilities.

We will always need commercial or residential housing. If you sell or service almost any product, your business can benefit from construction industry knowledge. You have a lot to learn, and building permits reports can deliver what you need to know.

3 New Home Factors That Can Impact Your Business

Some of the construction industry forecasts released March 18, 2020 went out the window March 19, 2020. Okay, it wasn’t really that bad, but all bets are off while we wait out the most virulent pandemic in global history.

If you reviewed statistical information quarterly or even monthly, now is the time to switch to weekly analysis because that’s how fast U.S. markets are changing right now. Here are 3 factors that may tilt the economic scales for 2020 new home construction:

  1. “Made in the USA” products and materials are going to be more in-demand than ever before. Many consumers feel recent shortages were a result of imported goods. 
  2. New home builds vs. renovationsFebruary forecasts were dynamic, but closing businesses to reduce crowds has led to conservative investing. An economically challenged population may favor remodeling over new-home purchases.
  3. Slow housing starts data – Expect home sales to fall as much as 35% this spring. That’s a sign you need to cultivate alliances with builders and architects now.
    Consider mass mailings because snail-mail is getting more attention than ever before. Use construction data to target your market.

There’s no such thing as TMI (too much information). Construction Monitor has information about new homes being built that can shape your marketing strategy for success. Call 800-925-6085 or contact us today.