The month of December saw a major rebound in the construction of new homes, which helped to 
boost the combined activity for the whole year to the highest its been since the housing market crashed in 2006. There had been a slight dip in building during the month of November due to harsher than average weather conditions, however during the following month the rate of construction jumped back up an estimated 4.4 percent, according to the Commerce Department. The grand total of new construction on homes and apartments for 2014 was 1.01 million, which was an increase of 8.8 percent compared to the previous year and marked the first time construction has reached 1 million since the housing boom during the early 2000s.
In terms of specifics, single-family homes saw the biggest rise in construction while apartments, which tend to fluctuate more from month to month, fell 0.8 percent compared to November’s amount. There also was a slight dip of 1.9 percent in applications for building permits during December, however economists are not troubled by the decline because 2015 is predicted to bring in even more construction of new homes. Several fiscal factors inspire this confidence in the revived market, such as growing employment rates, an increasing amount of job opportunities, reduced oil prices, and more young people showing interest in purchasing a new home due to the stronger economy. Subsequently construction rates are expected to be on the rise, and this increase will only aid the health of the economic as each new home on average produces three new jobs and generates around $90,000 in tax revenue. Overall 2015 is predicted to bring even more construction and provide even more American’s with the opportunity to own the home of their dreams.
With the market on the rebound and new listing appearing daily now is the time to invest in real estate, whether commercial or residential. And what better place to do so than in the glamorous and thriving communities of South Florida? From Downtown to South Beach this area truly has something for everyone, so if you are interested in any of the amazing Miami properties currently on the market then contact a RE/MAX agent today!