In 2013, new home construction had its best showing since 2007, according to official statistics from the U.S. Census Bureau and the Department of Housing and Urban Development. That’s wonderful news for heavy equipment operators, construction companies, suppliers, and everyone associated with the industry. The construction of more homes means more heavy equipment operator jobs and more construction business all around.
Applications for permits to build homes, traditionally considered to be a gauge of future activity, rose a solid 7.7 percent in February to 1.02 million units. Many experts around the country believe that those statistics bode well for the future, as the improving economy bolsters new construction.
According to the Associated Press, the big rise in permit applications pushed activity to the highest level since October’s 1.04 million rate, which had been the fastest pace since June 2008. Housing has been recovering over the past two years with residential construction growing at double-digit rates during that time. That growth represents about one-third of a percentage point to the overall economic growth last year.
But while the future looks great, the recent past showed a bit of a slowing down in some areas. Builders started work on 907,000 homes in February – down a slight 0.2 percent from January, when construction had fallen 11.2 percent. The declines were blamed, in large part, on severe winter weather in much of the country.
The real weakness in construction starts came from the apartment sector. Construction of single-family homes rose 0.3 percent in February to an annual rate of 583,000. However, that growth was offset by a 1.2 percent drop in apartment construction, which fell to a rate of 324,000.
In more positive news, housing completions were up. In February, privately-owned housing completions were at an adjusted annual rate of 886,000. That was 4.4 percent above the revised January estimate of 849,000 and is 21.9 percent above the February 2013 rate of 727,000. Single-family housing completions in February were at a rate of 631,000. That was four percent above the revised January rate of 607,000.
We here at the North America Heavy Equipment Training Services welcome this news. We also stand ready to train heavy equipment operators and assist companies with in-house training systems. Our Train the Trainer Toolkit can be an asset to companies. For more information click HERE.
Image via: Worldpropertychannel.com