As we start winding down 2020, truly a year to remember though not for reasons most of us would like to, let’s take a look into 2021.
Though the nation has been in the grip of COVID-19 for eight or nine months now, the home building and remodeling business has been very robust, better than one would have expected. With an eye to 2021, it appears that we are poised for that trend to continue into the new year.
The economics division of the NAHB recently reported that sales are outpacing starts at a level not seen before. August sales increased to an annual rate of one million units, the highest such pace since September 2006. Inventory of single-family homes for sale on the other hand is 40% lower than last year and the lowest on record since 1963.
Fueled largely by low mortgage rates — rates unlikely to increase in the near future — 2021 looks like a good year for residential construction of all types.
Hopefully 2021 will bring a return to normalcy for the GHBA. I know the board leadership wants meetings and events to return in-person as soon as it is safely possible. No doubt the lack of in-person meetings has taken a toll on the usual camaraderie our members share with one another; we all miss seeing each other.
With that, I would like to encourage you to consider your involvement as a member of the GHBA. The board for 2021 is being finalized and will be led by Keith Luechtefeld, division president of Shea Homes.
Opportunities to get involved abound. Whatever your area of interest, there is a committee for you that welcomes your involvement. Whether a charity, membership, education, government affairs, special events — you name it — the GHBA needs your service! With 16 divisions and councils, you don’t have to look far to find a place where your interests and talents will be greatly appreciated.
The outlook is promising for our industry in the coming year, and while we will experience challenges, your home builders association and fellow members need and welcome your participation. I encourage you to join in!