Yes, it’s that time of year
again
As the kids return to school, most of us in the residential homebuilding sector continue to think about how to get all of our work done. At Herbert Construction Co., our workload continues to be strong with current clients and the steady addition of new clients. I have been jokingly complaining to my friends that we spent the last seven years looking for work and now we are looking for laborers. We experience one extreme or the other (though I’ll gladly take this problem over lack of work).
According to a recent article in the Atlanta Journal-Constitution, there are not enough homes in Metro Atlanta for the current demand. While that statement would have been unfathomable just three years ago, the inventory of homes available for resale is now near all-time lows. Foreclosures are down, prices are rising, and the number of new homes under construction is up. Home-builders are scrambling to get product on the ground.
A number of building companies that I’ve spoken to recently have said that they are able to steadily raise their prices as the high demand continues. Trade labor shortages and spiking material costs are additional factors for an increase in new home prices. And yet, the inventory continues to be consumed. For now, things are very good.
On a personal note, in May I decided to train for my first sprint triathlon. I competed in the triathlon in July and had a blast. I’ve now begun training for the Savannah Rock ‘n’ Roll Marathon in November (as if I wasn’t busy enough with work demands).
I hope you are able to get out and enjoy the rest of your Summer.
