Home starts in MA might bring new residents to the state
Homebuyers considering an investment in real estate in Boston might be interested to know that single-family home construction is on the rise in the Bay State. The Boston Globe reports that single-family home starts are following a hefty pace of growth in 2012, another sign that the national and state housing markets are improving.
According to Fitch Ratings, a New York-based research and data company, the number of single-family home permits issued in Massachusetts totaled 3,433 from January 2012 to August 2012 - up from 2,880 during the same time period in 2011. The latest report indicates that there was a 19 percent year-over-year uptick in housing construction.
According to the Commerce Department, construction activity is now 82.5 percent higher than the recession low of April 2008, and while the latest rates are still below the 1.5 million rate of healthier markets, the improvement suggests a more stable tomorrow.
In fact, builder confidence reached a six-year high in September 2012, according to the National Association of Home Builders (NAHB). The latest reading was recorded at 41 points, which is still below the healthy-market signal of 50 points, but much higher than the 17 point measurement from a year ago.
Home construction is an invaluable metric to measure, especially in states where inventory rates have drastically fallen. In the Bay State, homebuyers struggle to find their dream homes because the market is so depleted, so any news that more properties are on their way is favorable.
However, homes aren't the only structures benefiting from an improving economy. The Bay State recently approved more than $41.8 million in funds to build new libraries in eight Massachusetts communities, which include Belmont, Scituate, Shrewsbury and Framingham, the Boston Globe reports.
The grants were approved by the Massachusetts Board of Library Commissioners, which stated it will cover half of the cost of new projects, while the individual towns will cover the rest. New library construction can create new work opportunities for local residents and provide additional educational facilities for families.
"Public libraries are a valuable resource for cities, towns and residents across the Commonwealth," Lieutenant Governor Timothy Murray said in a public statement. "These grants, and others before it, will assist municipalities with construction of top-notch, environmentally-conscious facilities that will serve residents for many years to come."
Homebuyers interested in relocation to another state should consider the Bay State for its home construction growth and the state's focus on library construction.