Activity in the nation’s booming housing industry should hold up at fairly robust levels into 2005, according to the consensus of economists participating in the National Association of Home Builders’ Construction Forecast Conference at the National Housing Center in Washington, D.C. The conference, held twice yearly, brings together top experts from across the housing industry to discuss topical issues.
Panelists were largely optimistic about prospects for the residential construction industry, economic growth, job growth and inflation as the Federal Reserve continues to gradually push up interest rates and the fiscal stimulus of the Bush Administration’s tax cuts begins to fade.
High oil prices were identified as the wildcard in the scenario. While hard to predict, energy costs were expected to subside next year from today’s record levels after taking a small bite out of economic output and consumer confidence in the short term.
“The housing market has been nothing short of phenomenal, especially anything that smacks of home ownership,” said NAHB Chief Economist David Seiders. But the nation’s housing market is in the process of “reaching its limits” and “topping out.”
With activity “flattening in 2005,” Seiders is forecasting a decline in housing starts next year of about 4.2 percent to 1.85 million units, down from the 1.935 million starts projected for this year. Sales of new single-family homes are forecast to drop 5.2 percent from a record of more than 1.16 million this year to about 1.1 million.
|
Back to top
Log in
Forgot your password?
No Problem Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email. Forgot your username? If so please contact customer support at (510) 658-9252 Password Reset Confirmation
Password Reset Instructions have been sent to Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Uh Oh!
There seems to be a problem with your Inman Select Membership.
Please contact the parent account holder or Inman customer service @ 1-800-775-4662 customerservice@inman.com. Don’t Miss Out!
User promo code onward25 during checkout to save 25% on your Inman Select Membership.
Coalesce's Select Membership is no longer active. Sign up for Individual Select membership today. Don’t Miss Out!
There seems to be a problem with your Inman Select Membership.
Please update your billing information to reactivate your membership. Subscribe to Inman Select for Breaking News and Exclusive Industry Content
News & Industry Updates
Leading commentary by award-winning journalists.
Inman Event Livestreams
Live broadcast of Connect conferences.
In-Depth Guides & Reports
Insights to grow your business.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.
You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here. Finish setting up your subscription
×
|
