Thursday, February 09, 2012

NAHB: Bernanke speaks on Friday, Multifamily and Remodeling expected to increase in 2012

by Bill McBride on 2/09/2012 09:41:00 PM

The NAHB 2012 International Builders’ Show is currently being held in Orlando.

On Friday, Fed Chairman Ben Bernanke will speak at 12:30 PM ET: "Housing Markets in Transition". The speech will be streamed live at www.nahb.org/Bernanke

And the NAHB is expecting continued growth in 2012 for two components of residential investment: Multifamily and remodeling.

From the NAHB Multifamily Industry Stages Strong Recovery but Still Limited by Credit Constraints, Says NAHB

The apartment sector is a bright spot in the overall housing market leading the industry’s path to recovery. ... “[W]e are forecasting construction of 208,000 multifamily residences in 2012 ...” said Sharon Dworkin Bell, NAHB senior vice president for multifamily and 50+ housing.
There were 167,400 5+ unit starts in 2011, and only 130,500 completions. 2012 will be another strong year. Economist Tom Lawler is forecasting 225,000 multifamily starts this year.

From the NAHB today: NAHB Foresees Measured Growth in Residential Remodeling
The residential remodeling market will continue to experience measured growth in 2012 after the Remodeling Market Index (RMI) rose to a five year-high at the end of 2011, according to panelists at a press conference held today at the National Association of Home Builders (NAHB) International Builders' Show (IBS) in Orlando, Fla.
...
“Spending on improvements to owner-occupied housing is nearly equal to that of new residential construction,” said Paul Emrath, NAHB’s vice president for survey and housing policy research. “NAHB predicts that residential remodeling will rise 8.9 percent in 2012.

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