The Home Builders Association of Fargo-Moorhead released its 2012 second-quarter building permit report for Dilworth, Fargo, Moorhead and West Fargo during a press conference today.
The construction industry in the Fargo-Moorhead area is off to its strongest start since 2007. Total construction value for the second quarter is over $263 million, which is up almost $100 million from the previous year. Housing start totals are up 90 percent from the number during the same time in 2011.
At its Spring Board of Directors meeting in Washington, D.C., the National Association of Home Builders acknowledged the F-M area as having a 48.6 percent or greater increase in building permits; it was also one of the few areas in the country that experienced an increase in housing value. Click for NAHB’s slides: NAHB Slides
“After three years of flooding and a shaky national economy, it is refreshing to see the home building industry thriving again and crews busy on jobsites,” said HBA of F-M President Terry Becker, Terry Becker Construction, LLC.
Moorhead, Fargo and West Fargo each saw a large increase in housing starts compared to last year: West Fargo made the biggest jump, from 69 to 178; Fargo, from 104 to 172; and Moorhead, from 27 to 44 starts in 2012. Along with new housing, both total permit numbers and construction values increased for residential remodeling, new commercial and commercial remodeling.
“The industry still faces some large hurdles in upcoming flood insurance mandates and the long wait for permanent flood protection,” Becker says. “But with our strong local economy, the housing needs are prevalent and that’s a good thing because we are putting people to work and creating jobs.” Currently, there are many great reasons to buy or build.
- It’s a buyer’s market.
- Interest rates are extremely low.
- The area has a wide variety of houses and developments.
- Home values are steady locally, showing that buying a house is a great investment.
- Local banks have money to lend.
- There are great housing incentives available: When buying or building a new home you can save $5,000 in Fargo and West Fargo. There are also incentives for down payment, closing cost and financing assistance as well as remodeling. Check out www.hbafm.com and the “housing incentives” section for more details.
The HBA of F-M is a non-profit trade association of almost 800 members that has been in existence since 1956. Its mission is to provide quality services, benefits and education to members and the community while representing the collective interests of the home building industry. Its public events include the Spring Parade of Homes, Fall Parade of Homes, Red River Valley Home & Garden Show, Fall Home Show and Remodeled Home Tour. For more information, visit www.hbafm.com.