Multifamily Units Fuel Increase in Home Construction Starts for June
Demand for apartments and condos behind recent jump in new home starts for June
According to the latest data from the US Department of Housing and Urban Development, nationwide housing starts were up 9.8 percent as of June. Though single-family starts were down slightly, a substantial increase of 29.4 percent in the multifamily construction sector was more than sufficient to compensate.
Multifamily construction starts are much higher year-over-year as well. This sector saw a 20.5 percent gain over June 2014 while single family starts only increased 8.5 percent. Industry experts attribute this to a continued demand for rental housing from the millennial generation.
Certain markets are providing more opportunities for builders and lenders than others. For example, the most growth in both multifamily and single family construction starts was seen in the Northeast, while the Midwest and the West actually saw slight losses in new starts. Experts point to issues with the availability of desirable land and affordable labor in these regions as a possible factor in this trend.
Even so, builders are reporting overall confidence in the housing market, which is of course good news for all.
However, the industry is still very competitive and it is important for construction companies to be prepared to manage their projects properly to mitigate risk and maximize profitability.
Prime Your Project for Success with Construction Software from ECL
Fortunately, ECL’s CMIS software can help. This Construction Management Information System was designed for construction professionals by construction professionals, and it contains every functionality you need for project management including:
- Contact Management: Keep all your contact information in one place, so everyone on your team can find information on leads, clients, suppliers, and subcontractors easily.
- Estimating: Produce bids and proposals in the format your client wants them, and easily track multiple versions of the same bid or budget as the project scope evolves.
- Logs: A single-entry system makes it easy to create and track communications with all your contacts. Templates for important documents like RFIs, Change Order Requests, Punch Lists, etc. are included.
- Work In Process Reporting: With the ability to track over 1,000 data points in real time, our software makes it easy to tell where your project stands without having to go around and personally ask a dozen different team members.
- Accounting: Contracts, subcontracts, and cost reports can all be tracked and managed in the software portal. Payments from clients and payments to suppliers and subcontractors can be recorded easily, and the software can also handle all your payroll functionalities.
Want to Take a Look for Yourself?
We’d be happy to provide a free personalized demo so you can see our CMIS in action. Just contact us to learn more.