HVAC Breaking News

Jan. 27, 2003: Home Building Hit 16-Year High In 2002

January 25, 2003
/ Print / Reprints /
ShareMore
/ Text Size+
LAS VEGAS — Indicating that housing provided substantial support to the United States economy in 2002, the U.S. Department of Commerce reported that builders finished the year with a total of 1.7 million units. This is the largest housing production figure in 16 years and includes the largest number of single-family homes built in 24 years. As a positive sign for building activity in 2003, housing permits issued in 2002 reached the highest level since 1986.

"Home building finished 2002 with a bang," stated Gary Garczynski, president of the National Association of Home Builders (NAHB), during opening ceremonies at the International Builders' Show in Las Vegas. "Government numbers on housing starts and permits in December are remarkably strong across the board — even better than we had expected."

Garczynski noted that the gains extended across all market sectors and every region of the country. He attributed this strong showing to the best mortgage rates in 40 years and solid house-price performance.

In December, starts rose 5 percent to a seasonally adjusted annual rate of 1.84 million units, with a nearly 5 percent increase on the single-family side and a 5.5 percent increase on the multifamily side. The government also revised substantially upward its previous reports on housing starts for October and November.

The 2002 total of 1.7 million housing units includes 1.36 million single-family units and 345,000 multifamily units.

Permit issuance for new homes, which can be an indicator of future building activity, rose 8.2 percent in December to a seasonally adjusted annual rate of 1.88 million units.

"Our latest builder surveys show that the single-family market remains strong in January, and we're looking for 2003 to be another excellent year," noted NAHB chief economist David Seiders. "NAHB is currently expecting housing production to slip only slightly in 2003 as interest rates firm up later in the year, but that forecast does not assume passage of a fiscal stimulus package; 2003 could even be better if Congress passes such a package on a timely basis. The bottom line is, the housing sector provided solid support to the economy in 2002 and should continue to be a positive factor in 2003 as well."

Publication date: 01/27/2003

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.

Multimedia

Videos

Image Galleries

Mini Split Installation

Twin Cities contractor Aabott Ferraro helped retrofit an older St. Paul home.

Podcasts

NEWSMakers: Doug Dougherty

Doug Dougherty, president and CEO of the Geothermal Exchange Organization (GEO) joins the program to discuss the latest happenings with GEO, including the drive to get included in state and federal definitions of renewable energy, plus the future of geothermal.  Posted on July 25.

More Podcasts

ACHRNEWS

NEWS 07-28-14 cover

2014 July 28

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

R-22 PHASEOUT POLL

Some in the industry are calling for the EPA to halt production of R-22 as of 2015. What do you think?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
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.

DON'T MISS A THING

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

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con