EDGEhomes Blog

Jun 25
2017

New Home Construction In Utah




In 2007, the US economy hit a brick wall which harrowed up the housing market. Empty lots sat ready to be built on, construction on new homes halted, and everyone held their breath hoping personal bankruptcy could be avoided. Several years later, the remnant of that experience still haunts us from news channels. Fortunately, the economy has rebounded in many places across the country and people are beginning to build their lives and homes again. That recovery has never been more apparent than in Utah. Builders are building, realtors are selling, and the economy across the Wasatch front is growing. Here and now you have the opportunities to build the home you have always wanted.

U.S. Housing Market Is Growing

In mid-August, Forbes published an online article detailing the growth of the housing market over the past several months to a year. Their findings were based on figures released by the Department of Commerce which demonstrated an increase in new homes being built. In July, new home groundbreakings rose15.7% over the previous month. Those groundbreakings were 21.7% higher than they were the previous year. These numbers show new homes are being built and that builders have confidence in the current economic climate. Building permits obtained by builders increased about 8% in July from June. Those levels are 7.7% higher than they were the previous year.

Quicken Loans Vice President, Bill Banfield, was quoted by Forbes saying, “Now that construction is more in line with homebuilder confidence, the end of the lull that has been holding down the market since the beginning of the year may finally be here.” Those hopes are echoed by the hundreds of thousands of people across the country looking to build their future dream homes.

Home Building Confidence Rising For Western U.S.

The National Association of Home Builders has, as recently as August 2014, reported that builder confidence has risen two points. That makes August the third month in a row to have gains. These gains are not just being seen in certain parts of the country, but in the U.S. as a whole. Certain regions have greater confidence than others though. According to their findings, the Western region (which includes Utah) has the highest confidence rating at 56 points. The other regions fared between 38 and 55 points on their scale. As building confidence increases across the West and in Utah, opportunities to realize the dream of building a home are coming to fruition for many.

Utah’s Economy is Strong

A view of Utah’s economic forecast is showing good signs for our post-recession economy. Utah Business magazine has shared some great facts and statistics about the current state of finances in the area. Randy Shumway, CEO of the Cicero Group, is quoted saying, “Utah’s economy is growing more rapidly and in a more sustainable manner than virtually every other economy in the country. We’re actually the third-fastest growing state in the Union right now…” Within every economy there are special indicators over specific areas of development. Median home prices are up 14.5% in Utah, and home sales have increased 14.1% over the year. Rich Thorn, CEO of the Associated General Contractors of Utah said, “We’ve seen the bottom and I think we’re headed in the right direction.”

Time to Build

It can clearly be seen that the best time to begin building a home is when the market is on the up and up. In Utah, that time is now. With steady increases in builder confidence, low unemployment rates, and home values rising, it looks like the timing to build a custom home in Utah couldn’t be better.

Edge Homes is a builder with confidence in both the economy, and your dreams of building a home. Check out our community map to select the perfect neighborhood for your family!

* DISCLAIMER: These figures are estimates and the real figures may be different based on the specific property and date. All loans are subject to credit approval.

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