Positive Housing Numbers
There is a lot of positive news in the housing sector lately. Single-family mortgage originations have increased in the last three quarters. Mortgage defaults are down to almost the level they were in 2004. In 2011, residential investment was only 2.5% of the total U.S. GDP; from 1980 to 1999, it averaged 5.3%. The housing industry can only increase as an industry, right? It seems like it is finally happening, after 6 long years of a downturn. Housing starts are up approximately 20% year over year, and the forecast for 2013 and 2014 continue to build on that momentum. In our market area, we are trending along with the nation at a 20% increase in permits, when including Grand Rapids, Kalamazoo, Lakeshore, and South Bend markets.
We are preparing our organization to better serve you as business for all of us increases. We have begun a second shift in Zeeland for building loads so that we are better prepared to meet your delivery needs. We are building wall panels and trusses on two shifts at our truss plant on Clay Ave. in Wyoming. We have recently implemented a new computer software system. This is to better serve you in the future. We are building an organization to continue to meet your needs as our industry ramps up to meet the next wave of housing demand.