Good news for single and multifamily builders as the number of home construction projects reaches an eight year high.
According to Bloomberg, the increase comes from steady job gains over the past five years, especially among young adults, low mortgage rates and easing of lending standards.
Multifamily home starts have been volatile over the past three months. But in April they rebounded, increasing by 37 percent from May.
Building permits also continue to skyrocket – up 7.4 percent from June.
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Applications to begin work on single-family homes are also on the rise. According to Bloomberg, there were 687,000 project starts nationally in June 2015. That’s the most since January 2008.
Millennials, ages 25 to 34, are helping to propel this trend. Builders can appeal to this tech-savvy market by offering smart home and connected products in new projects.