HVAC Breaking News

Jan. 16, 2003: Housing To Remain Strong In 2003

January 16, 2003
/ Print / Reprints /
/ Text Size+
WASHINGTON — One of the few bright spots in the economy last year, housing is expected to continue its strong performance in 2003, according to the National Association of Home Builders (NAHB).

"2002 was a banner year for housing, with record new home sales and the highest number of housing starts in 16 years," said NAHB chief economist David Seiders. "Based on the first 11 months of the year, we expect to see an all-time high of 976,000 new home sales and 1.69 million housing starts for 2002."

The market will slow somewhat in 2003, but will still perform well, Seiders added. "Basic market fundamentals such as strong household formations, low interest rates, and solid house-price performance should continue this year. As a result, we're predicting that 2003 will be the second best year for new-home sales in history."

In terms of the actual forecast, NAHB expects a total of 942,000 new-home sales in 2003, a 3.4 percent decline from last year. Housing starts should decline about 3.5 percent to 1.63 million — 322,000 multifamily and 1.31 million single-family units.

"Even though the totals will be down a bit, in a historical context, they're excellent numbers," Seiders noted.

Publication date: 01/13/2003

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Greg Mazurkiewicz

You must login or register in order to post a comment.



Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.


Kyle Gargaro, editor-in-chief of The NEWS, hosted the 2014 ACCA CEO Forum. At the event, six well-known, highly respected company executives, Gary Michel, Ingersoll Rand/Trane; Chris Nelson, Carrier Corp.; Chris Peel, Rheem Mfg. Co.; Rod Rushing, Johnson Controls; Brent Schroeder, Emerson Climate Technologies; and Doug Young, Lennox; provided individual industry outlooks and fielded questions directly from attending contractors. Listen to the entire event on the NEWSMakers podcast. Posted on April 14.

More Podcasts



NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe


Which statement on service calls best applies to your business?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con