As a leading housing and home construction professional within the Texas region, Travis Gilpin knows just how much the industry’s growth depends on the economic success of the country. While Americans emerge from a recently devastating pattern of trends within the housing market and overcome other economic uncertainties created by the recession, many economists and analysts have begun to notice slow, yet steady signs of improvement in terms of national financial viability. In particular, housing construction and a higher demand for properties has caught the attention of Gilpin who believes it is a strong indication of what the market holds for Texas, as well as the rest of the country.
A recent article from The New York Times highlights a recent report from the Commerce Department that reveals information suggesting a steady increase in construction projects. Builders began construction on more homes in February, and permits for future construction rose at their fastest pace since 2008. The increases point to a housing recovery that is gaining strength. The Commerce Department said “that builders broke ground on houses and apartments last month at a seasonally adjusted annual rate of 917,000. That rate was 910,000 in January. February’s pace was the second-fastest since June 2008, behind December’s rate of 982,000. Single-family home construction increased to an annual rate of 618,000, the most in four and half years. Apartment construction also ticked up, to 285,000.”
Although recent housing market headlines have focused on the comparison of consumer patterns—such as an increase in rentals versus an increase in home ownership—Travis Gilpin believes that the report from the Commerce Department gives hope to both areas. He comments, “The growth of single-family home construction suggests that Americans are becoming more confident in spending and what they can afford—they are ready to move into their own properties. However, the subsequent growth and demand for rental properties also reveals that some residents are taking a slow approach to housing—which may suggest smarter financial choices made among Americans. Regardless of what individual consumers are choosing, it is great to see that construction is expanding across the board—it is progress that the industry has been waiting to see.”
According to The New York Times, that progress is not just a temporary boost either. The article explains, “The gains are likely to grow even faster in the coming months. Building permits, a sign of future construction, increased 4.6 percent to 946,000. That was also the most since June 2008, just a few months into the recession.” In addition, the article reports, “a private report showed that the number of Americans with equity in their homes increased last year. That suggested that one of the biggest drags from the housing crisis was easing, and it could clear the way for more people to put homes on the market.”
While The New York Times highlights growth on a national level, Travis Gilpin confirms that the increases in construction and consumer confidence in the housing market can be recognized on a regional level. He adds, “Austin is gaining such a good reputation that more and more people want to move to the central Texas area.” For parties looking to take part of an exciting and promising market, Gilpin recommends further examination of the area growth in Austin, Texas.
Although these trends are just starting to be noticed, Gilpin expresses confidence that the market will continue to grow; especially as builders, consumers and property owners are learning from previous mistakes. He notes that as the construction industry embraces the growing demand for property development, there is also an emergence of many interesting trends—such as approaching home building from cost-efficient and eco-friendly manners.
“It is truly encouraging to see how much the American housing industry has begun to recover from the wave of foreclosures, decreases in construction and stalled development plans. I believe that the construction industry is poised to take on these projects with full-force to ensure a stronger market and more solidified American economy. Working together with other figures in real estate and property development suggests an optimistic trend that the country will continue to make notable progress,” Travis Gilpin concludes.
As the current Vice President of Consolidated Reinforcement, Travis Gilpin has worked in the family business for 11 years. Based in Victoria, Texas, the engineering company was founded in 1976 and has since grown into one of the largest rebar and post-tension resources in the state.