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12/15/10
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HBA Releases Annual Residential Economic Report
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he Home Builders Association of Northern Kentucky (HBA) has released its annual residential economic report for 2011. The report details the number jobs, personal income and fiscal revenue paid to government as a result of direct residential construction activity and as a result of the economic expansion that residential construction creates as a byproduct of growth. “For the first time since the recession hit we are seeing jobs increase and that is outstanding news,” said Brian Miller, Executive Vice President of the Home Builders Association of Northern Kentucky. “We have been working hard to get our men and women back to work and we are starting to see growth in condominiums, multi-family homes and residential remodeling. These are all signs that the foundation has been laid and the bottom for the housing industry in Northern Kentucky is in. Our focus is on growth and how we can all make that happen together to make Northern Kentucky a better place. We will continue to work with our partners in government and business to take the ball and move it down field. The underpinning of the entire Northern Kentucky economy is housing and we need it to continue along recovery without additional roadblocks,” he concluded.
From the report’s summary: 2011 was a mix of optimism and gloom in the residential construction and remodeling market. As we enter into 2012 there are signs of life. The foundation of a full housing recovery has been established in 2011. Residential remodeling is experiencing a renaissance in activity and values not seen in the last five years. There has been a seventy one percent increase in activity in the last six months of 2011 alone, with a fifty percent increase for the whole of 2011 over 2010. Values of residential remodeling work have increased twenty seven percent in 2011 over 2010. Multifamily and condominium activity has increased three hundred percent in 2011 over 2010; bringing activity in this sector back to a somewhat normal pace. However, 2011 was the worst year in recent history for single family residential construction in Northern Kentucky….. ….. The Home Builders Association of Northern Kentucky (HBA) expects modest growth in the first half of 2012 for detached single family homes. By the middle of 2012 the HBA predicts a 15% increase in this activity over that period in 2011. The HBA remains extremely optimistic about residential remodeling and string sustained growth in the multifamily and condominium sector of the construction industry.
The full report can be viewed online at: http://issuu.com/hbanky/docs/2012_ housing_economic_update_report_2002-2011. The mission of the Home Builders Association of Northern Kentucky is to promote and enhance the integrity and visibility of the construction industry and the members of the organization through advocacy, communication, education and political action.
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