Rising consumer confidence, pent-up demand and home values are driving a slow-but-steady residential market recovery, with 1.15 million new housing starts anticipated this year, or nearly a quarter more than in 2013, reports the National Association of Home Builders.
"There is a growing need for new construction. Distressed sales are diminishing, and builders see it," said David A. Crowe, NAHB chief economist, who presented his annual forecast on the first day of this year's International Builders' Show, held on Feb. 4-6 in Las Vegas, which attracted 75,000 attendees. "The slow-and-steady housing recovery will bring nationwide housing starts to 93% of normal by the end of 2015," he added.