Housing Indicators a Mixed Bag for 3Q14; It’s Not Great but it’s not bad either

Posted in Philadelphia - Market | Posted on 11-11-2014 | Written by Metrostudy News

  • Closings have picked up, but new home starts have slowed down since last quarter
  • Prices are stabilizing as the median new home price of $321k is slightly down from 2Q14
  • Demand for active adult housing is rapidly picking up in many areas; this group is currently underserved in new home construction and builders are responding.

November 2014: Metrostudy’s 3Q14 survey of the Philadelphia Region shows that new home construction is moving along with the ebbs and flows of the market. Closings have picked up, but starts have slowed down from 2Q14. The Philadelphia region recorded 2,830 observed closings for 3Q14, a 17% increase from 2Q14. Starts for the third quarter decreased to 2,669, down 6% decrease from 2Q14. Year over year numbers are also a shade off. The last quarter of 2014 will be more of the same with seasonality taken into account.

The Philadelphia MSA had 1,606 closings which were a big increase of 60% from the prior quarter and is just slightly behind the 1,686 observed closings in 3Q13. Starts increased for the MSA by 190 lots to 1,447 a 15% jump from the 2Q14. Year over year saw a 17% decrease from the accelerated starts of 3Q13. The Philadelphia MSA includes 4 counties in South Jersey that have pushed the MSA numbers lower for 2Q14, but for 3Q14 actually saw some positive signs. Observed closings increased by 183% in South Jersey. It is a 6% increase over 3Q13. Starts had also increased by 89% from the prior quarter. It is only slightly behind the amount of starts seen in 3Q13 when there were 314 starts.

“The Philadelphia Region has seen the pace of starts, closings, and lot being delivered slow down to close out the third quarter of 2014,” said Quita Syhapanya, Regional Director of Metrostudy’s Northeast Region. “Months of supply for both vacant developed lots and housing inventory remain in equilibrium range. Metrostudy’s housing indicators are a mixed bag for the third quarter, but overall the market is stable. It’s not great, but it’s not bad either.”

Total housing inventory (model homes, under construction units and finished vacant homes) for the Philadelphia region has decreased by 160 units, down 2% from 2Q14. The number of homes under construction decreased to 4,458 units compared to the 4,691 units under construction in the second quarter. Finished vacant inventory increased 3% to 2,799 for the third quarter.

The median closing price for a new home in the Philadelphia region was $321,300, a very small decrease from the $321,800 from the prior quarter. Year over year change was a 1% increase through the third quarter of 2014.  The median closing price for a single family home ended the third quarter at $353,200, a modest increase over the prior quarter and year over year the price for a single family home increased 4%. “Price increases have tailed off and we should expect prices to have modest increases moving forward,” said Syhapanya.

In 3Q14, there were 23,342 Vacant Developed Lots (VDL) in the Philadelphia Region. That is a very minimal increase from the 23,319 lots available in 2Q14. This is the second quarter in a row where VDL’s have increased since Metrostudy has tracked the Philadelphia Region starting 2Q13.

Vacant developed lots in locations that builders want to build and buyers want to live continue to be in short supply even with a slight increase in the overall finished lots for the region. At a high level including undesirable locations the months of supply for the entire region is at 27.8 months. A healthy market supply level for equilibrium would be between 24 to 30 months. At an annualized starts rate of 10,070 for a rolling 4 quarters it will take 27.8 months to go through the available finished lots in the entire market.

In the Philadelphia MSA there are only 8,362 finished lots available in the market, only 19.9 months’ worth of finished lots. The Philadelphia MSA continues to be in short supply of available finished lots. All five of the PA counties (Philadelphia, Montgomery, Chester, Bucks, and Delaware) that are included in the Philadelphia MSA are under 20 months of supply.  New Castle County is starting 1,054 homes on a rolling 4 quarter basis and is at 19 months. Bucks County which has the second most annualized starts at 884 is at only 20 months. Montgomery County started 769 and Chester is at 724 annualized starts. It would take only 15 months to burn through the available finished lots Montgomery and 19 months for Chester County at their current pace. Philadelphia County only has 8 months, but there isn’t a lot of subdivision building in that market. Most of the new homes being built are tear downs or in-fill and redevelopments in areas south of Washington Ave.

Metrostudy believes that household formations will continue to increase, but doesn’t expect to see normal levels any time soon. The most obvious reason are the millennials who are still living at home or are moving out, but taking in roommates while renting, who in turn make two possible household formations into only one. Household formations could easily double up because of their depressed rate and if the job market continues to show improvement that could push housing in the right direction as we close out 2014 and enter the unknown in 2015 and beyond. The price of land on the other hand will continue to be a challenge moving forward.

“Some positive signs for new home construction are that mortgage rates continue to remain low and will likely remain in that range to end the year,” said Syhapanya. “Hopefully some of the upward pressures to the rates will get some of the folks sitting on the fence off the fence. The job market both locally and nationally generally is improving, but we are still not maintaining growth at a monthly rate that will spur on momentum. The active adult market demand is rapidly picking up and should continue to forge ahead in many areas over the next couple of years. This group currently is undeserved in new home construction and many in the new home building industry are seeing the need for product for this group.”

For information contact
Quita Syhapanya
215.893.9890 x231
qsyhapanya@metrostudy.com

About Metrostudy

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

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

“Where is New Home Construction Growth Occurring in the Philadelphia Area?”

Posted in Philadelphia - Market | Posted on 08-14-2014 | Written by Metrostudy News

August 2014: Metrostudy today released the results of their 2Q14 survey of the Philadelphia housing market, which showed steady growth in the region despite a drag on the MSA from Southern New Jersey markets.  The Philadelphia region recorded 2,415 observed closings for 2Q14, up 13.9% from 1Q14.  Starts for 2Q14 also increased to 2,866, a 26.9% increase from 1Q14.  The Philadelphia MSA had 988 closings, down 13.5% from the prior quarter and significantly lower than expected for the MSA. Starts on the other hand increased for the MSA by 33 lots to 1,271, a 2.6% jump from 1Q14. Note that the Philadelphia MSA includes four counties in South Jersey that have pushed the MSA numbers lower for 2Q14. Closings dropped by 70% in South Jersey, and starts in that region also decreased by 60% from the prior quarter. The South Jersey new home construction market has been restrained by lack of job growth as well as the challenges facing Atlantic City.

If we exclude South Jersey, the Philadelphia MSA counties (Bucks, Chester, Montgomery, Philadelphia, Delaware, and New Castle) had a solid 2nd Quarter. Closings increased 10.7% from 800 in 1Q14 to 886 in 2Q14. Starts had a big quarter with 1138 starts, a 26% increase from 1Q14 which could also be attributed to the catch up factor from the two prior quarters. The Philadelphia MSA market has its own challenges with the time it takes to move dirt, but there seems to be some positive momentum in particular submarkets.

2014 County by County Starts and Closings

Philly cbc starts and closings

Rising land prices are squeezing out first time buyers.  “We are not seeing household formations forming at a capacity to sustain new homes for the entry level or first time buyer in this market,” says Quita Syhapanya, Regional Director for Metrostudy’s Northeast market.  “With the price of land at all-time highs, builders are not able to build homes at the lower price points, making building for this segment nearly impossible. This is why we are seeing an abundance of multi-family for rent apartments in high demand. Lending is also a factor as banks are readily funding for rental projects quicker than the traditional ADC lending for traditional subdivision building.”

Total housing inventory (model homes, under construction units and finished vacant homes) for the Philadelphia region has increased 6% since 1Q14 to 4,749 units. Finished vacant inventory stands at 2,704 units in 2Q14, a 2% increase from last quarter.

“The median closing price for a new home in the Philadelphia region was $331,400, a marginal decrease from the prior quarter,” said Syhapanya. “Despite that, we still see prices up 9.5% YoY from 2Q13, and the median closing price for a new home for the second quarter is the highest it has been for this quarter since 2Q08. With a majority of the homes being sold on larger lots and the entry-level buyers priced out of the market, a higher median closed price is to be expected.”

In 2Q14, there were 23,816 Vacant Developed Lots (VDL) in the Philadelphia Region, up 3.3% from 1Q14’s levels. This is the first time VDL’s have increased since Metrostudy started tracking the Philadelphia Region in 2Q13.  Still, the increased lot supply is not the entire story: a majority of the VDL resides in the state of Delaware, and lots in areas that buyers consider desirable remain scarce in the Philadelphia market. At a high level including undesirable locations the months of supply is at 26.1 months. A healthy market supply level for equilibrium would be between 24 to 30 months. At an annualized starts rate of 10,952 for a rolling four quarters it will take 26 months to go through the available finished lots in the entire market. In specific submarkets, cities, and towns that are in demand those numbers are close to single digits.

The Top 10 suburbs for the Philadelphia Region by Starts based of Metrostudy’s Data

philly top ten subs 2Q14

 

There are currently 153,802 lots sitting in various entitlement stages at the municipality and/or the county for approval, up 1% from 1Q14. There were 1,133 lots in the pipeline that have been delivered into the market as VDL. The state of Delaware continues to house the most future lots: Sussex County, DE has 38,544 lots in the pipeline, Kent County has 19,193 and New Castle County has 17,293. The county with the most future lots in the Philadelphia MSA is Chester County, PA where there are 13,864 lots.

Builders in the Philadelphia Region have remained fairly confident with the turbulent housing market here never seeming to put consecutive quarters and or months together of positive sales and closings. There are early headwinds that this region may start to see more positive signs in new home construction, but significant challenges still remain. Positive economic indicators include a strengthening job market in the region and specifically in the Philadelphia MSA. Conditions have stabilized on a macro view, but obviously there are markets and submarkets that still have issues to resolve before a more robust rebound can occur. We expect to see all housing indicators continue to show signs of health.

For information contact: Quita Syhapanya @ 215.893.9890 Ext. 231
Email qsyhapanya@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

A Tour of New Home Markets – by School District

Posted in National Housing Market, Philadelphia - Market | Posted on 07-24-2014 | Written by Quita Syhapanya

quitaMy first post titled “Tour of New Home Markets” we touched on the adventure my wife wanted us to go on driving new home subdivisions by school district. We also touched on the advancement in technology in the new home building industry and how a gut feeling can be validated or invalidated based the data at hand.

My wife’s goal was to find out why people are moving into specific school district areas. She considered high demand for homes (i.e. closings) to be a good indicator or preference for certain schools.  Her rationale is that builders wouldn’t be building these new homes in these areas if the schools were not good and if jobs are not there.

She has this infatuation about putting our daughter through a specific school district that she went to and graduated. From this spectrum she put together a list of the Top School Districts in the Philadelphia suburban counties (Chester, Delaware, Bucks, and Montgomery) from a new home building activity level as it relates to closings (move-in’s for the prior 3 quarters). Armed with Builder Insight on her iPad, my wife informed me that the school districts we should review on our tour from first to last. These school districts were not close to each other at all so we were on the road for a little while.

Below is the list of the Top 5 School Districts Based on Annual Closings.  

  1. Central Bucks West (Bucks County)

*Annual Closings: 258

  1. Downingtown Area School District (Chester County)

*Annual Closings: 210

  1. North Penn School District (Montgomery County)

*Annual Closings: 149

  1. Spring-Ford Area School District (Montgomery County)

*Annual Closings: 136

  1. Avon Grove School District (Chester County)

*Annual Closings: 121

*Three quarters of closings (observed move in’s) starting 3Q13 through 1Q14 from Metrostudy’s proprietary survey data.

After going through all the new home subdivisions in each school district I asked her which one she liked best. Her answer actually surprised me. She said she really liked the Western Montgomery Submarket; in particular the Spring-Ford Area School District. Her response was that she loved having easy access to Route 422 and it is not too far from the turnpike, Route 202, and Interstate 76. I was a little taken back since I was expecting another answer. I asked “you like it here because of access to Route 422 over the school district?” She said “No I love the school district, but it is a really awesome bonus to have Route 422 (which can be heavily congested if driven during rush hour) so I have a nice straight route for shopping!” You have Philadelphia Premium Outlets North West where she goes shopping for my daughter. Then a few miles South East you have the King of Prussia Mall where she goes shopping for herself. Right in the center of all that is where she wants to live. The big draw here is the Providence Town Center with all of its retail shops, dining, gym, and her favorite the Movie Tavern where you can have dinner and a movie at the same time. So the school district really was the most important piece to her decision. Having accessibility to all the amenities just helped make the decision a pretty easy one for her.

Once she identified the area she wanted to possibly move to in the future she quickly drew a polygon of her area of interest. She drew a polygon within Insight around the Route 422 Corridor and was able to find all the active subdivisions as well as potential land prospects as if we were builders. In her case looking for a future home to put my daughter into a school district that she desired. Also, all the shopping that she can afford or I can afford.

The school districts in the Top 5 above are good school districts and the amount of new home construction occurring in these areas are occurring for a reason. When looking at the school district before we looked at housing activity we both had our own reasoning as to which school district we liked best. It was all based on a “gut” feeling and reputation that school district had that influenced our feelings. Then we ran the data and toured the area. Our own targeted Top 5 school districts changed based on the data we pulled from Builder Insight. Then touring the areas and actually going to visiting some of the schools in the area allowed us to reconsider our rankings. So we went on “gut” first and went to the site to validate our feelings of the area. While our feelings weren’t outrageous, the effort made us reassess our pre-conceived rankings. We discovered a preference that didn’t exist previously. Now my wife is online looking at the school curriculum that each offered which is a whole other story.

In figure 3 below you can see the map layout of my wife’s drawn polygon with the accompanying subdivision name according to annual starts on the right hand pane. The green dots all represent land opportunities in the Route 422 Corridor.

Figure 3: Polygon of Route 422 Corridor in Montgomery County, PA

 

Builder Insight provides an intuitive map interface that knows exactly where you are with GPS (or FBI) like precision. It will provide instant access to potential land opportunities, evaluate activity levels, lot counts information, access builder/developer information, subdivision data, and much more.  Learn how you can use Builder Insight to get to know “new locations” in your market and get a sample of just one of our local market reports designed to get you the answers you need to make informed decisions.

The most important thing about the platform is how easy it is to use. I would never say that my wife is technologically challenged, but she is at times. Not saying that I am Mr. Technology or anything, but the ease of use that Builder Insight affords lowers the bar significantly in accessing answers to your questions.

 

A Tour of New Home Markets

Posted in National Housing Market, Philadelphia - Market | Posted on 07-22-2014 | Written by Quita Syhapanya

quita

Technology has come a long way since the first computer.  Where once it was limited, today we all use fairly advanced forms of technology as part of our daily lives. I remember playing Nintendo for the first time as a kid and thinking how amazing it was. I had to press the directional buttons to move Super Mario and the A/B buttons to jump or throw the fireballs that bounced a few time to defeat the enemy. Now you have 3-D games with multiple buttons that have many functions that seems like you need seven fingers and 2 thumbs on each hand to use. Technology today is geared to be visually appealing, keep you connected to the world, and make life easier while entertaining you. Another example is our cell phones that virtually everyone has. There was the old school Zach Morris phone that could double as your VCR to the old Erickson phone where you played “snake” to kill time. Read the rest of this entry »

The Top 5 Home Lenders In Philly Burbs

Posted in National Housing Market, Philadelphia - Market | Posted on 07-21-2014 | Written by Quita Syhapanya

quitaOnce upon a time I worked for a mortgage company and always wondered who closed the most new home mortgages nationally as well as within the markets that the company I worked for at the time primarily lent. I worked for a smaller mortgage company that provided mortgages for purchase or refinance across the country. We were not the largest of lenders nor did we have all the data in hand to find the right opportunities in the new home purchase market. We sold mortgages to whomever we could and whenever we could. Every state had its own specific closing requirements with most of our business in Pennsylvania, New Jersey, Virginia, and California. We wanted to get into every state that we could, but never had the data to understand the lending market in the states we wanted to enter. There are many challenges and barriers in the mortgage industry where relevant data is hard to come by to make decisions. Read the rest of this entry »

Philadelphia Housing Survey 1Q14: Demand is There, Supply is Not

Posted in Philadelphia - Market | Posted on 05-16-2014 | Written by Metrostudy News

May 16, 2014: Metrostudy’s 1Q14 survey of the Philadelphia region shows that the new home construction market remains relatively flat for 1Q14 after a dramatic slow-down in the 4th quarter when the “Polar Vortex” wreaked havoc across the Northeast. Some of the after effects of the winter are still seen in the numbers that have been generated for the 1st quarter. The Philadelphia region recorded 2,087 observed closings for 1Q14, a 13% decrease from 4Q13. 1Q14 starts also took a dip to 2,175, down 4% from 4Q13. The Philadelphia MSA accounted for over 56 percent of the closings for the region this quarter as well as accounting for over 58% of the starts for the region. When you only look at the MSA we actually saw starts increase 15% and closings decrease by less than a percentage point.

“The median closing price for a new home in the Philadelphia region was $335,800, an 11% increase from 1Q13,” said Quita Syhapanya, Regional Director of Metrostudy’s Philadelphia Market. “This represents the largest swing year over year in median pricing for the 1st Quarter going back to 2005. The second largest median price increase year over year for the 1st Quarter was in 2006 which saw a 9% increase in achieved pricing.”

Total housing inventory – model homes, under construction units and finished vacant homes – for the Philadelphia region has increased by 103 units, a 1% increase from 4Q13. The number of homes under construction increased to 4,283 units compared to the 4,024 units under construction in the 4th Quarter. Finished vacant inventory decreased by 175 units to 2,727 for the 1st Quarter, a 6% decrease in finished vacant homes.

In 1Q14, there are 25,395 Vacant Developed Lots (VDL) in the Philadelphia Region. That represents a 1.6% decrease in developed lots in the region from the 25,807 lots available in 4Q13. When looking back at the baseline survey for Metrostudy in 2Q13 to 1Q14 there was a decrease of 8.20% in VDL when there were 27,662 available. A majority of the VDL resides in the state of Delaware where Sussex County and Kent County have the most finished lots. Sussex County currently has 6,988 VDL and Kent County has 2,947 VDL available.

“Prime lot supply remains scarce across the Philadelphia Region,” said Syhapanya. “Based off of our data the entire Philadelphia region has 26 months of supply. (Metrostudy considers the supply of finished lots to be in equilibrium when the months of supply are between 24 to 30 months and the lots have a minimum of a drivable street in front of them.) As absorption levels begin to pick up further along with economic recovery, the overall supply levels will eventually get even tighter unless lots in the future pipeline get developed to satisfy demand. The region is extremely limited in available finished lots. If we dive deeper and look at the 11 county Philadelphia MSA only there is only 8,162 available lots. That means there is only 16 months of supply. In prime locations across the MSA that number is in the low single digit range. The Philadelphia MSA is extremely under supplied.”

Inventory levels of homes on the market in locations that interest potential buyer within job centers are tight. New home construction within these same locations has commenced and will get a lot more active as we enter the 2nd quarter. The supply of housing inventory as well as VDL’s is very limited.

Even though the weather has warmed up, extremely messy ground conditions are making it difficult to get construction work started. Now that the conditions have stabilized it should help drive activity in the coming months. We expect to see all housing indicators improve in the spring and summer months ahead.

“Demand is there, but there are a variety of challenges that need to be overcome to get access to this demand for the housing industry to continue to strengthen. At the forefront of the challenges are the shifting demographics and the slow growth of new household formation. It is obvious that this region is a supply constrained region where speculative building isn’t prevalent,” said Syhapanya. “Housing inventory for the region is at 8 months of supply and VDL is at 26 months of supply, which is in Metrostudy’s equilibrium range, but when you look at it market to market where jobs are at you can almost cut your months of supply in half with some markets even tighter and will only get tighter with the limited amount of inventory available. The 1st quarter of 2014 still has some after effects from the winter and expectations are that 2Q14 will show vast improvements with the pent up demand waiting out the cold weather.”

For information contact: quita syhapanya @ 215.893.9890 Ext. 231
Email qsyhapanya@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide. Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

The Philadelphia Region Housing Market Heating Up or Just Buried in Snow?

Posted in Philadelphia - Market | Posted on 02-18-2014 | Written by Metrostudy News

(Philadelphia, PA – February 18, 2014) The Philadelphia region housing market cannot seem to find its exact footing in the marketplace. There are signs of growth in the market but also some signs that the housing market is not ready to take off just yet. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The Philadelphia region recorded 2,420 closings for 4Q13. This is a decrease of 18 % from 3Q13 where we saw 2,981 closings. Starts for 4Q13 also took a dip to 2,450 which is a 27 % decrease from 3Q13 where there were 3,363 starts. “When looking at the numbers compared to last quarter it would be quick to surmise that the market has slowed down a good amount. When you consider that the 4th Quarter is typically a slower period in terms of volume in this region and the record amount of snow that fell this quarter it would make sense that the activity level would level off a bit,” said Quita Syhapanya, Regional Director of Metrostudy’s Philadelphia Market.

Total housing inventory (model homes, under construction units and finished vacant homes) for the Philadelphia region has slightly increased by 53 units which is a .7 % bump up. The number of homes under construction went down to 4,057 units compared to the 4,080 units under construction in 3Q13. Finished vacant inventory increased by 71 units to 2,951 for 4Q13. There was a modest increase by 5 units for the model homes which ended the quarter with 509 models.

Currently at the close of the fourth quarter, there are 26,251 Vacant Developed lots in the Philadelphia Region. That represents a 1.92% decrease in developed lots in the region from the 26,765 lots available in 3Q13. When looking back at the baseline survey for Metrostudy in 2Q13 to 4Q13 there was a decrease of 6.51% in VDL.

In terms of adding “lots”, back to the market Delaware County, PA added the most in percentage change at 19.68%, followed by Bucks County, PA at 9.54%. The Philadelphia Region based on estimates for an annualized starts rate, has 26 months of supply “Prime finished lot supply is scarce across the Philadelphia Region. Attractive lots that are not spoken for with desirable locations are few and far between or come with a significant premium,” said Syhapanya.

“If you are a glass half full kind of person it would be reasonable to assume that the 4th Quarter being the least active of quarters in this region had a huge bearing on the slow-down in activity. Some other factors to consider are obviously the government shutdown that lasted 16 days and ended as the 4th quarter began, along with mortgage rate hikes have attributed to the lagging activity this quarter. The absence of the first time home buyer is playing a major role in the housing market not only here but across the country. In addition, the record amount of snow in this region could have greatly affected both starts and closings. So we can expect the housing market to pick the momentum back up in early 2014 and continue throughout the year along with continued price increases at a modest rate,” said Syhapanya.

About Metrostudy

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

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.