Both
nationally and locally the Construction Industry is making meaningful
strides towards recovery to date in 2012. This positive pace has been
without any governmental incentives that were in place last year.
Nationally, housing starts rose 6.9% in June from May to a seasonally
adjusted annual rate of 760,000, the highest since October 2008. In
addition, the Home Builder Confidence continues. The July NAHB/Wells
Fargo Housing Market Index jumped 6 points to a level of 35. This is
the highest in more than five years and the largest one month
increase since the recession
recovery in 2002. (This is based on three components: current sales
and sales expectation and builder traffic.)
Locally, the building industry has picked up as well on a higher
pace. On Hilton Head Island the
number of new single family home permits increased 50% from May to
June. The dollar volume increased 48% from May June.
Historically, Hilton Head Island is
an insulated market during recessionary times. Typically Hilton Head
is one ot the last locations to be hit by a recession and one of the
first locations to recover. With a sub-tropical climate, a
variety of planned communities Hilton Head
Island is very attractive to many baby boomers reaching
their retirement age as well as younger families that are looking for
their perfect vacation home or rental investment. Investing in Hilton Head Island has much
potential!
Courtesy Bunting Construction Co.
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