Austin home starts soar 32 percent 2Q 2013Austin home starts soar 32 percent 2Q 2013https://www.recenter.tamu.edu/news/newstalk-texas/?Item=68962013-07-03T06:47:00Z2013-07-03T06:58:00Z

AUSTIN - Central Texas home starts continued to surge in second quarter as builders began construction on 2,650 homes, a 32 percent increase year-over-year.

The increase bumped the annual starts tally to 9,027 homes in the 12 months that ended in June, a 38 percent increase from the previous 12 months, according to Metrostudy.

New home demand in the Austin area continues to overwhelm supply due to the region’s job and population growth, said Madison Inselmann, regional director of Metrostudy. The area has added jobs in each of the last 13 quarters.

“Now that Austin’s economy is firing on all cylinders, builders can’t finish homes fast enough to meet growing demand,” Inselmann said.

Since 2007, the Austin area has averaged 17,100 new residents a year, according to Metrostudy. With limited inventory on the ground, those newcomers have rented apartments or bought preowned homes.

More than 27,000 people are expected to move to the Austin area in each of the next three years.

“If a new home is not available within their timeline, they will rent or buy an existing home,” Inselmann said. “Either way, the new home market benefits as apartment occupancy rises and the supply of resale homes disappears.”

Read more at the Austin American-Statesman.

Austin American-Statesman
Austin-Round Rock
http://www.statesman.com/news/business/austin-area-home-starts-soar-32-percent-in-second-/nybbj/Read more at {Source}

 Search NewsTalk Texas