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Building Across US Still Strong

by Tim Hart

Building across the US remained strong with single family housing starts increasing, while multi family starts leveled off from a an exceptional month of June.

Single-family start-ups increased 13% from June and have now topped an annualized rate last seen in January 2008. The total number of single-family housing starts has increased over a three month moving average for every period since 2011.

Due to the unusually high level of multi-family start-ups seen in June, July housing starts fell slightly. In June, housing starts went up 28.6% compared to May and hit an annualized rate of 476k homes per year. July fell back to more normal numbers—back to an annualized rate of 440k home start ups a year.

Building permits declined by 16.3% over this time period. Renting will continue to be in high demand across the nation as newly formed households generally have yet to jump out of the rental market to buy a home. Locally, builders have been adding home inventory and permits increased significantly last year. Builders still have concerns with affordability of lots and the cost of skilled labor and those issues may also be impacting the total number of approved permits. Builders have and will continue to add home inventory to the United States Housing Market, helping to lower home values. As more buyers jump into the market, builders will be even more willing to take on additional lots.

 

Source: http://eyeonhousing.org/2015/08/builders-continue-to-build/

City of Bozeman Buys Land for Future Sports Complex

by Tim Hart

The City of Bozeman finalized the purchase of an 80-acre piece of land to build a new sports complex. They paid 2 million dollars for the land and will spend 7.5 million dollars in total to build the necessary infrastructure for such a complex. Bozeman plans on building 10 or 11 fields on 40 acres for the first stage of the project, followed by 7 or 8 more fields in the second phase. If private donors are able to raise enough money from private donations, then one of these fields would be turned into a turf field. The sports complex will cost half of the Park and Recreation Department’s budget, the most bond money given to any project like it. The sports complex will be in the same area as an aquatics center that has also been approved. The city will also improve the nearby roads to deal with future traffic, widening both Baxter Lane and Flanders Mill Road. Local residents can now look forward to a new place to pass the football, shoot hoops, or throw a Frisbee.

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