CHARLOTTE, N.C. — A few years ago, finding an active construction site was tough to do. Now, residential construction, especially single family homes, is on the rise.
On Ideal Way, new homes are going up side-by-side. It's an encouraging sign of the times.
Rick Judson, a Charlotte builder who also heads the National Association of Homebuilders, says ironically the increase in new homes comes as home prices and mortgage interest rates are rising.
"Interest rates have almost served as a motivator to make those people who are delaying a decision, because of pent up demand, to decide to go buy a house," Judson said.
It's good news for Charlotte-area builders who flocked to this uptown construction trade show Wednesday. But the momentum building in Mecklenburg isn't necessarily carrying over to other counties.
Bob Pressley said he has no single-family homes going up right now in Statesville, where he's been building for 30 years.
"I don't want to build something for which I don't have demand. If I build something and there's no demand, it simply sits there," Pressley said.
In Charlotte, though, fewer homes are sitting. Home sales are up almost 30 percent so far this year.
More new homes in the mix means more jobs being created and economist John Connaughton said that has a ripple effect that all of Charlotte feels.
"People don't just buy a house and move in. People buy a house and then they buy a lot of things to help them move in. And it's those 'lots of things' that they buy that also spins through the economy," Connaughton said.
Builders said the deals buyers got used to during the recession are all but gone now. They expect people who've been sitting on the sidelines to start pulling the trigger.
They say that should help keep the momentum in housing going.
WSOC
