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New Home Construction In Midwest Finishes Out 2014 Ahead of 2013

After struggling for years, new home construction in the Midwest finished out 2014 with a little  more home building activity than the prior year and on a pace that makes me feel pretty optimistic about 2015 for the home building industry.

New Home Building and Construction Activity in the Midwest during December 2014, according to the latest data from the U.S. Census Bureau:

  • Permits for new single family homes were issued at the seasonally adjusted annual rate of 102,000 units, up 4.1% from the prior month’s rate and up 6.3% from the rate in December 2013.
    • During 2014, building permits were issued for 101,900 new homes, just slightly more than 2013 when there were 101,800 permits issued.
  • Construction commenced on new homes at the seasonally adjusted annual rate of  123,000 units, an increase of 7.9% from November and an increase of 0.8% from December 2013.
    • During 2014, construction was commenced on 105,100 new homes, an increase of 3.1% from 2013.
  • New homes in the Midwest were completed in December at the seasonally adjusted annual rateof of 108,000 units, up 8.0% from the month before and up 10.2% from a year ago.
    • For 2014, there were 103,800 new homes completed, an increase of 8.6% from 2013.

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