(Boise, ID– January 25, 2012) The Boise market saw an increase in jobs and healthy housing inventories during 4Q11, but production and consumer confidence continue to wane. 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.

According to the most recent numbers released by BLS, the Boise MSA saw 6,100 new jobs created during 2011, which is a major improvement compared to the -4,500 jobs lost throughout 2010. “While the job numbers appear to be positive, there has been little improvement in consumer confidence, which needs a significant boost in order to stimulate the economy,” said Eric Allen, director of Metrostudy’s Utah/Idaho Region.

There were a total of 1,412 new homes started throughout 2011, a decrease of 4.7% when compared to 2010. While new home production remains low, the market is beginning to pick up speed, with annual new home starts increasing 8.5% compared to last quarter. Annual new home closings were down 26.9% from last year at this time; however they have increased 2.1% from last quarter’s pace.

As of 4Q11, there are a total of 1,063 new homes in inventory, an increase of 5.1% compared to last year. While the supply of homes increased from 5.5 months in 4Q10, the current level is still considered to be within equilibrium. Inventory for homes under construction increased 15.6% from a year ago to 333, a 3.2 month supply. “This increase is another trend signaling that construction is improving,” said Allen.

“The consensus among market professionals seems to be that the worst is behind us. Assuming the economy continues with slow improvements, and resale’s, foreclosures and home values remain relatively static, Metrostudy expects builders to continue increasing production through 2012,“ said Allen.

For information contact:
Eric Allen @ 801.571.7700 x424
email: eallen@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.