David Crowe National Association Home Builders Chief Economist was the guest speaker in Lexington, Kentucky.
In Lexington, Kentucky – February 25, 2014 the Lexington Association of Home Builders hosted a luncheon at the Red Mile banquet facility with Dr. David Crowe being the guest speaker.
David Crowe, Ph.D. is Chief Economist and Senior Vice President of National Association Home Builders. Dr. Crowe is responsible for NAHB’s forecast of housing and economic trends, survey research and analysis of government policies that affect housing in the United States. Dr. Crowe is also responsible for the development and implementation of an innovative model of the local economic impact and fiscal cost of new home construction, which has estimated the net impact of new housing in over 500 markets.
Dr. Crowe got his Ph.D. in Economics from the University of Kentucky. It was a pleasure to meet and talk to Dr. Crowe at the luncheon. After the luncheon was over I left with an optimistic feeling for our economy and a full tummy. Plus, I won a door prize!
Housing, Remodeling on Path to Recovery
Both new housing and residential remodeling continue on their paths towards recovery, with growth projected at least through 2015. Among the key statistics and forecasts released by government agencies, research firms and industry related trade associations were the following:
Cabinet & Vanity Sales
Sales of kitchen cabinets and vanities post significant gains in 2013 as reported by the Kitchen Cabinet Manufactures Association (KCMA).
“The cards are in play for a decent and fairly strong recovery in 2014 and particularly in 2015.” said Dr. Crowe. “From the standpoint of gross domestic product growth, housing has been a plus, growing at two, three and four times the rate of the rest of the economy in recent quarters.”
“We expect to see price increases moderate in the next few years as we see additional inventory on the market,” said Dr. Crowe.
Another bright spot, he noted, is rising household formations that were delayed during the downturn as college graduates and young professionals were forced to move back in with their parents or double up as roommates. At the height of the housing boom, the U.S. was producing 1.4 million additional households every year. That figure plunged to 500,000 during the depth of the recession and is now back up to 700,000 according to the Washington, DC – based National Association Home Builders (NAHB).
Meanwhile, households across the nation have been increasing their savings and shedding debt. We are feeling more comfortable about moving forward.
Designer Cabinets Lexington has noticed an increase in remodeling projects mostly geared toward kitchens. Kitchens add the most value to a home. If you decide to sell your home “The Kitchen” is the number one thing that perspective homebuyers look at. If it is old and out dated it is less likely to sell as fast as another comparative home that has an updated or remodeled kitchen.
Designer Cabinets Lexington
If you have any questions about a kitchen remodel please feel free to call one of our professional designers or email us. Designer Cabinets is a member of Home Builders Association and has an A+ rating from the Better Business Bureau.