While the pace of the housing recovery has slowed in 2014, the long-term trend continues to be positive. Total single-family and multifamily housing construction starts should end the year at just under 1 million, which represents a more than 50 percent improvement over the total recorded in 2011. Energy and other natural resource booms are helping to propel housing construction in some states. In these areas, the economic benefits of home building foster additional expansion to generate a virtuous cycle of growth. Development of 1,000 single-family homes will on average create just under 3,000 jobs, with about 60 percent of these jobs in the construction sector and the rest in other industries including manufacturing, transportation and finance. Texas led the nation in total home building with more than 380,000 permitted units over the 2011-2013 period. Other leaders include Florida, California, North Carolina, South Carolina, Colorado and Washington. [Read this article]
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