Focus On Home: Local News
Homebuilders hope for rebound in 2009
by Cara Restelli, KY3 News
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Story Updated: Mar 26, 2009
New home starts dropped 43 percent last year compared to 2007 in Greene County. In an area where construction is the single largest sector of our economy, homebuilders are ready for a new year.
A home under construction is a sight that's hard to come by lately. A much more common sight is an empty lot. Just 300 new homes were built last year in Greene County, about a quarter of what was built just three years ago.
“Two thousand eight was an off year; it was tough,” said homebuilder Rusty MacLachlan.
Area homebuilders have reason to be optimistic and hope to use the Home Show this weekend to get the word out.
“It's a rare opportunity for people to step out and say, ‘I'm going to take advantage of this,’” said Matt Morrow, executive officer of the Homebuilders Association of Greater Springfield.
An independent study by a national research firm predicts a dramatic recovery in 2009. Researchers expect 746 new homes to be built in Greene County, more than twice as many as last year.
“We were slightly overbuilt, not grossly overbuilt, and, when we realized it, builders shut down spec homes, so the market has corrected itself,” said Morrow.
That said, 746 may still seem overly optimistic following one of the most dismal years in history, but Morrow says it's actually a conservative estimate.
“Seven hundred in a year really would be a very average, even below average, year for the last 10-12-15 years,” said Morrow.
It's true; 1,200 homes were built just three years ago. And, although they think it's possible, homebuilders know it will be a challenging return to the heyday of homebuilding. Homebuilders also say the cost of labor and materials is down.
You can find out more about homebuilding opportunities at this weekend's Home Show. It's at the Springfield Expo Center on Friday, Saturday and Sunday.
Maeghan says ...
On Saturday, Mar 28 at 10:10 PM
Homebuilders should build small, conventional, 2 bed 1 bath homes that people can afford.... They shouldn't build these 100 & 200 thousand dollar houses when they know that they economy is in the can. People simple can't afford to front all that cash. Its easier to build and sell a smaller house then it is a larger house.... I know from experience.