Rise in New Home Sales Great News for Chattanooga
Chris Mabee, President
Home Builders Association of Greater Chattanooga
Newly released data from the Department of Housing and Urban Development (HUD) and the United States Census Bureau show national sales of newly built, single-family homes rose 12.4% in July (18.1% in the South), which is the highest reading in almost nine years. Experts attribute the strong growth to a lower inventory of existing homes available for sale, coupled with attractive mortgage rates for new homes. What’s more, the National Association of Home Builders forecasts continued positive growth for new single-family homes for the remainder of 2016 and into 2017 and 2018.
That’s great news for Chattanooga! Why? Because every time a home is built in this area, our entire community benefits:
2,800 Local Jobs Supported Annually
Consider the number of professions, skills, and trades involved in the building of a typical home. Before construction even begins, the architects, designers, lawyers, planners, banks, regulatory agencies and a host of others all have a part in the process. The builder is certainly an integral player in the actual construction of the home, but there are so many other industries that have a hand in the process. Plumbers, roofers, electricians, inspectors, millworkers, landscapers, and flooring, tile, window and door installers are only a few of many. Even after construction, professionals like realtors, bankers, and brokers all contribute to the process, not to mention the industries related to helping new owners occupy their homes.
$192 Million Generated Yearly in Local Income
To understand how income generated from new home sales affects our community, think about all the suppliers, wholesalers and retailers that earn revenue from the building of the new home. Then add to that the fact that they, along the construction workers and other professionals directly involved with home building, all go out into the community to spend their earnings on goods and services. You can begin see how the building of one home ripples outward to impact an entire community.
$26 Million Re-invested Annually in Community Improvements
Compounding the positive impact of new home construction on Greater Chattanooga are the funds generated through permits, fees, and taxes that support local facilities and services vital to our city. Everything from community enrichment programs, to parks, to trash pick-up can be affected by these improvements. Now the next time you see a home being built in your neighborhood, you’ll know exactly how its helping support a greater Chattanooga.
Ready to build your new dream home? Contact Home Builders Association of Greater Chattanooga at 423.624.9992 or visit us at www.HBAGC.net to find the best builders and contractors in the Chattanooga and North Georgia areas.