Interested in hearing more news that the Orange County real estate market might be picking up? Well, here you go… According to the Associated General Contractors of America, construction spending is on the rise. In fact, it totaled $807 billion in November — the highest level since June 2010. This is good news for the economy as a whole, because more construction means more jobs throughout Southern California.
The Commerce Department recently shared that spending on construction projects rose 1.2% in November and that ‘while that’s barely half the $1.5 trillion that economists consider healthy, home construction has begun a gradual rebound and likely added to the nation’s economic growth in 2011. Spending jumped 9.5 percent on home improvement projects in November. It rose 1.5 percent on single-family home construction and gained 1.3 percent on apartment building.’
While overall construction spending in 2011 will fail to match 2010, I’m always happy to see numbers like these on the rise. Many housing developments throughout Southern California have been abandoned over the last few years due to lack of funds, etc… An increase in construction could mean that these partially-completed communities will be finished and ready for move-in.
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. A member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com.