Economists Forecast Continued Growth NAHB Chief Economist Robert Dietz, American Institute of Architects Chief Economist Kermit Baker and Associated Builders and Contractors Chief Economist Anirban Basu predicted continued growth for the construction industry in 2017 during a joint economic forecast on Aug. 15. “Our forecast shows singlefamily production expanding by more than 10% in 2016, and the robust multifamily sector leveling off,” said Dietz. “Historically low mortgage interest rates and favorable demographics should keep the housing market moving forward at a gradual pace, but residential construction growth will be constrained by shortages of labor and lots and rising regulatory costs.” “Revenue at architecture firms continues to grow, so prospects for the construction industry remain solid over the next 12 to 18 months,” said Baker. “Given current demo- graphic trends, the single-family residential and the institutional building sectors have the greatest potential for further expansion.” “Non-residential construction spending growth will continue into the next year with an estimated increase in the range of 3-4%,” said Basu. “Growth will continue to be led by privately financed projects, with commercial construction continuing to lead the way.” Obama Signs Housing Bill Into Law President Obama on July 29 signed into law a bill that includes key NAHBsupported bipartisan fixes to HUD programs. The new law covers provisions of the Section 8 Housing Choice Voucher Program, the Rural Housing Service Single Family Guaranteed Loan Program and FHA rules regarding existing condominium projects. For more about the Housing Opportunity Through Modernization Act of 2016 , contact Jessica Hall at 800-368-5242 x8253. Read more ANNOUNCING the arrival of our new 8-story BOOMTRUCK CONNECTICUT - East Haven - Manchester - Newtown SANDY HOOK - 2 Turnberry Lane - 203-426-0030 NEW YORK - Millwood • Mold / Mildew Resistant Board • Fire Rated Board • ½” Light Weight Board • Exterior Sheathing • Metal Studs • Acoustical Ceiling Tile 18| HBRA of Fairfield County |September 2016
19 Publizr Home