Residents of the Birmingham metro know that the area is vibrant and bustling, changing and growing while it remains true to its roots. Birmingham has gained attention recently for its resurgence as a destination for residents, tourists and investors, and considering this positive attention, it’s thankfully not very surprising that the metro area saw an incredible surge in both residential and nonresidential construction spending in 2013. Considering what a wonderful place Birmingham is to live and work, this news perhaps isn’t shocking, but still welcome here at Ross Bridge nonetheless!
According to a recent report from McGraw-Hill Construction, the Birmingham-Hoover metro area – including Jefferson County, where our community of Ross Bridge resides – experienced the following increases in construction spending:
· Residential construction spending increased from $34.4 million in November 2012 to $43.9 million in December 2013.
· In 2013, residential construction totaled $675.8 million – a 14% increase from 2012.
· Nonresidential construction activity jumped from $23.7 million in December 2012 to $57.1 million in December 2013.
· Non-residential spending in 2013 totaled $599.4 million – compared to $367.2 million totaled in 2012.
· Total construction spending in the Birmingham metro totaled almost $1.3 billion in 2013, which was 33% higher than total spending in 2012.
These impressive statistics shine when compared to Alabama as a whole, where year-to-year comparisons for construction spending unfortunately didn’t post such positive gains. But this just confirms what we already knew – Birmingham is the best place to be in Alabama!
The state of the construction industry is viewed as an important indicator of the overall economy, and that’s why increased spending in construction is such positive news. And it makes sense, if you think about it – when home builders and commercial builders have confidence in the economy of an area, they’re more likely to build more and spend more.
Private residential construction holds particular importance, as the health of the housing market is vital to the success of the overall economy. Increased residential construction in the Birmingham-Hoover metro area has an added benefit, too – it allows more and more people to discover just how incredible this area is.
As a community offering new construction homes, here at Ross Bridge we’re certainly supportive of the increased local residential construction. Within our three distinctive neighborhoods – Glasscott, Haddon and Southampton – you’ll find incredible new construction homes ranging in style and price to suit every type of homeowner looking to live in the Birmingham-Hoover metro area. Residential and non-residential construction in the metro area surged in 2013 for good reason – because the Birmingham metro area is regarded as the strongest market in the state. Homeowners who have been considering moving to the area shouldn’t delay to join this red-hot market, and take advantage of the new homes in Ross Bridge while they still can!
SOURCE: Birmingham Business Journal