The Springfield metropolitan statistical area is among 259 metropolitan areas nationwide with an improving housing market, according to the National Association of Home Builders/First American Improving Markets Index for February.
The Springfield MSA – which comprises Greene, Christian, Webster, Dallas and Polk counties – has shown a 3.7 percent increase in single-family housing permits, coupled with a 3.5 percent increase in home prices and a 6 percent boost in unemployment since their respective lows, according to a news release. The building permit low was notched March 31, 2009; the housing price low occurred Jan. 31, 2011; and the employment low was Sept. 30, 2009.
Springfield housing permits are up 20 percent to 1,300 in December, compared to 1,080 in the same month of 2011.
Across the Midwest, housing permits are up 29 percent to 130,600, compared to 101,000 in December 2011. Overall, permits across the U.S. are up 34 percent.
The IMI is measured based on single-family housing permit growth from the U.S. Census Bureau, housing price appreciation from Freddie Mac and employment growth data from the U.S. Bureau of Labor Statistics. To be listed, an MSA must show improvement from its respective lows in all three areas for at least six consecutive months.
Originally debuting on the IMI in March 2012, the Springfield MSA briefly dropped off the index before returning in December.
“Just more than 70 percent of the 361 metros covered by the IMI are listed as improving this month,” NAHB Chief Economist David Crowe said in the release. “That’s a far cry from when we initiated this index with just 12 improving metros in September of 2011.”
Commercial construction also bumped up slightly, with the Associated Builders and Contractors’ Construction Backlog Indicator showing a 0.08 percent increase in the middle states – including Missouri – to a 6.61-month backlog for fourth-quarter 2012, compared to 6.53 months in the same quarter of 2011, according to a news release.
The national rate remained unchanged at 8 months through the fourth quarter of 2012 compared to the third quarter. However, the fourth quarter was up 2.4 percent compared to the same time period of 2011.
CBI is measured in months and reflects the amount of construction work under contract, but not yet completed by nonresidential contractors.
“CBI failed to rise during the fourth quarter of last year, a reflection of numerous factors, including fiscal cliff fears, highly constrained public capital budgets and lackluster macroeconomic growth,” ABC Chief Economist Anirban Basu said in the release. “However, backlog did not decline, suggesting that nonresidential construction spending is likely to remain flat during the initial months of 2013 and then possibly trend higher during the latter part of the year.”[[In-content Ad]]
Taking shape on 3.5 acres just east of State Highway H/Glenstone Avenue in the area of Valley Water Mill Park are the Fulbright Heights Apartments – three 23,000-square-foot buildings with 24 units each for a total of 72 one- and two-bedroom apartments.
