Posted in Atlanta Market | Posted on 02-21-2014 | Written by Metrostudy News
(Atlanta, GA –February 21, 2014) The 22 county Atlanta region experienced 13,862 housing starts in 2013, up 67% year over year and new home closings were up 39% coming in at 12,079 units closed (move-ins). The 2014 forecast is that housing starts will increase at least by another 25%, according to a report from Metrostudy, a national housing information and consulting firm.
The Atlanta region finished the 2013 year with huge gains in new construction housing starts. By the end of 2013 there were 13,862 annual single family homes either being constructed or built in the region, up 67% from December 2012 when Annual Starts ended the year with 8,311 housing starts. The northern portions of Atlanta (areas above I-20) have experienced the bulk of the housing starts with an 80% market share. But for the first time in many years starts rose significantly in every county, including the exurban markets. For instance, counties located south of I-20, an area hit hard with foreclosures and declining property values, saw housing starts increase by 97% from one year earlier.
“Coweta, Henry, Douglas, even Clayton county all had new construction starts to increase over 100% from a year ago” said Eugene James regional director for Metrostudy, the research firm that physically inspects new home subdivisions each quarter. At the county level some of the percent changes in starts from the prior year may look “Unbelievable”. “That’s because starts were nearly non-existent last year in the exurban market areas”, said James. For example, in 4Q13 Henry County had a 245% increase in starts activity; it went from 47 starts to 162. The numbers are even more dramatic in Paulding which had a 436% increase in housing starts. They went from 22 starts in 4Q12 up to 118 this past quarter.
“With housing demand outpacing the low supply of new and resale homes in the region I think we will have another year of huge gains in housing construction activity, probably by at least 25% above the 2013 figures” said James.
Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com
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