Great news for contractors! According to the Census Bureau and the Department of Housing and Urban Development, U.S. housing starts for October were looking great at 894,000 units (seasonally adjusted and annualized). This number is up 41.9% over October of 2011.
There were advanced indications that housing starts in October’s would be strong. Building permits, which typically lead starts by a month or two, were high in September at 890,000 units. Compared to the last few years, starts are looking strong and trending in a very positive direction.
In addition to housing starts being up, the inventory of existing homes is at its lowest level since February 2006. The improving conditions in the U.S. housing sector is very good news for contractors. Higher starts, improving resales and upward trending prices all contribute to better consumer confidence and a better economy overall.
All of this is great news for contractors because lower housing inventory and increased housing starts means more construction. With construction projects on the rise, we are seeing an increased demand for all types of contractor bonds. If you are on the forefront of this new construction wave, be sure to start your bond application process early. Remember that contractor bonds like Bid Bonds, Payment Bonds and Performance Bonds, have a more involved application process and typically take some time to complete.
Don’t miss out on a contract because your competition submitted the required bonds before you. Call us today at 866.376.2510 or start your bond application online. Stay ahead of the pack and start your bond application process early. Our team of bond specialists are standing by to get you the best deal on your next contractor bond.