Rising Rates Not Holding Back Home Building or Home Improvements
Despite interest rates increasing figures show that housing production is continuing to rise. According to National home improvement company House Doctors, remodeling is not being negatively impacted by the rate increases either.
Cincinnati, OH (PRWEB) September 23, 2013 - Figures released just last week by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureaushow housing production nationwide continuing to rise despite rate increases. House production rose by 0.9 percent to a seasonally adjusted annual rate of 891,000 units in August. According to Jim Hunter, President of the National franchise House Doctors, recent rate increases are not having a negative impact on remodeling, at the other end of the housing industry, either.
Solid increases in single-family starts, up by seven percent to 628,000 were the main reason behind the increased housing production in August.
Jim Hunter President of the National Home Improvement Company House Doctors said, "This report means builders are now seeing the pent up demand that we have witnessed in remodeling and home repairs for most of this year. We, at the other end of the housing market, help customers remodel existing properties. We have seen a gradual improvement over the year in homeowners confidence. Many customers are interested in bigger projects now, so despite rate increases confidence has improved as the year has progressed. Now that confidence is finding its way into new home construction."
Regionally, single-family starts activity rose 9.6 percent in the Northeast, 7.1 percent in the Midwest, 2.3 percent in the South and 17.5 percent in the West.
“These new home construction numbers are aligned with what we are seeing in home improvements and its all very encouraging. Neither segment of the market is being hindered by rising interest rates," Hunter continued, "Our top franchisees are growing at a rapid pace. In the last year House Doctors has seen same store sales growth of 20 percent and more. We are planning to open another 40 franchises over the next year such is the pent up demand for home improvements."
About House Doctors
For more than 15 years, House Doctors, a 90-plus-unit professional handyman and home improvement service, has brought homeowners and commercial property owners high standards of customer service, reliability, and quality workmanship. Every House Doctors location is independently owned and operated. Today, House Doctors continues to expand throughout the United States by offering franchise opportunities.