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Healthy Rise in Single-Family Building Predicted
Sector Forecast to Climb More Than 12 Percent


HomeAdvisor says lot shortages will "worsen" in 2017, land prices will "skyrocket," and construction firms will continue to be plagued with a lack of qualified workers.

HomeAdvisor's forecast for 2017, versus 2016, calls for single-family construction to increase 12.2 percent to about 900,000 units, while the multifamily sector is predicted to decrease by 10.7 percent to 343,000.

The 2017 single-family prediction is similar to the rate of expansion in 2016.

Several factors shaped HomeAdvisor's overall forecast, including continued steady but modest job growth in 2017; worsening lot shortages in so-called "A" and "B" locales; "skyrocketing" land prices in premium areas; rising mortgage rates; and a persistent lack of construction laborers. "There is a risk of slower job growth and income growth in 2018-2019," HomeAdvisor said, "but probably not a recession, just slow growth."

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July 17, 2019, 8:25 pm PDT

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