Author Archive | michaelcatanzaro

Millennials Enter the Fray

truss images for all truss californiaWith the job market picking up, a new demographic group is finally entering the housing market with their savings in tow -Millennials. Kept from the market by the Great Recession and crushing student debt, this huge demographic is slated to take 33% of the market by 2020.

Millennials differ in some dramatic ways from more traditional Baby Boomers, preferring newer, greener technology and more interested in multi-family homes thanks to today’s sharing economy.

Construction production is having trouble keeping up with this new demand, driving prices up for buyers and giving new energy to the building community.

Seller’s (and builder’s) Market

truss image for all trussThe demand for homes continues to increase, with the current supply of homes unable to meet the need for single-family homes in California. As a result, housing starts have spiked once again, with builders unable to keep up with the pace of housing demand.

According to CIRB (Construction Industry Research Board), a service provided by the California Homebuilding Foundation, this year has heralded another 5% increase in single-family home starts in California, a steady trend in growth.

In the Bay Area, homes are in very short demand, spending little time on the market before being snatched up by buyers. Building will continue to be necessitated by this market, so we expect growth to continue through the summer and into this Autumn.

2017 begins with a positive growth trend

truss building at all truss californiaAccording to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau new-construction single-family home sales rose 3.7 percent in January to a seasonally adjusted annual rate of 555,000 units.

In line with this trend of growth is the Vintner’s Inn, which is adding on two 10,000 square foot hotel buildings, a spa building, outdoor pool, and restaurant.

Construction on this project has begun, with the team at All Truss working hard to do what they do best: quality trusses that will last a lifetime (or longer!)