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Monday, March 3, 2014

Home Builders Association of Michigan forecasts continued strong growth for 2014

OKEMOS – The Home Builders Association of Michigan announces that despite the cold weather drag on the industry at the start of the year, the forecast for 2014 single-family home construction shows continued strong growth in permits. HBA of Michigan attributes the strong forecast to an increase in job growth, a continued strong rebound in North American vehicleproduction and a rise in home sales in 2013.
"Over 91,000 more people were employed last year compared to 2012, said Bob Filka, CEO of the HBA of Michigan. "Without question, the biggest contributor to the burgeoning housing recovery was the rise in home sales, particularly the 12 percent increase in average home sale values when comparing Michigan Association of Realtors data from 2013 to 2012. Combined with continually decreasing inventories, the result was an acceleration of new home construction."
During 2013, Michigan saw 13,359 single-family home permits recorded year-to-date (U.S. Census Bureau data). This number was up by 28 percent compared to the 10,459 permits issued in 2012.

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