The housing industry has come roaring back, and between the low mortgage rates and improved economy, many hopeful homebuyers are moving into new houses across the country.
But one trend held back 2016's home sales: low inventory. As more consumers entered the market, many found a lack of affordable or suitable options. This will spur home construction in the coming year. Some cities in particular are in store for a significant amount of home construction projects.
The Phoenix metro area tops the list of Realtor.com's analysis of 2017's hottest housing markets. The median home price is $300,000, which falls below the U.S.'s median home price of $304,500.
"The Phoenix area has had a revival in the past few years."
As Emma Thieme pointed out on Matador Network, the Phoenix area has seen a revival in the past few years. Businesses are moving back in and people are following. It's no wonder the area has a sales growth of 7.24 percent.
New home construction climbed 40 percent between 2014 and 2015, according to The Arizona Republic. The trend continued throughout the year. As of the end of October, 23,385 housing building permits had been issued in the area, about 4,000 more than during the same period in 2015, according to U.S. Census Bureau data.
Raleigh, North Carolina
Further down Realtor.com's list is Raleigh, coming in at No. 8 for hottest U.S. housing markets of 2017. As one node of The Research Triangle, Raleigh's educational opportunities attract many residents. Between North Carolina State University in Raleigh, Duke University in Durham and the University of North Carolina at Chapel Hill, there's no shortage of classes to take and research to pursue.
According to WRAL, the local NBC affiliate in Raleigh, housing construction increased so much and so suddenly that contractors are struggling to find skilled laborers to meet the demand.
"We need about 80 percent more framers out in the marketplace," Tim Minton, North Carolina Home Builders Association's director of government affairs, told WRAL. "It's a wonderful problem to have."
U.S. Census data shows that both the Durham-Chapel Hill and Raleigh metropolitan areas experienced home building permit increases over the past year. In Raleigh, the first 10 months of 2016 brought in 11,513 permits, compared to the 10,249 issued during the same time period in 2015. Durham-Chapel Hill – the other two nodes of The Triangle – saw 3,784 permits in 2016 as of October. During the first 10 months of 2015, there were 3,260.
The Motor City missed Realtor.com's list of top 10 hottest housing markets by just four spots, but its housing market has shown an impressive upswing. With the median home price at $195,000, houses are incredibly affordable compared to much of the rest of the country.
It's no secret that Detroit hit tough times in the past, but the future of the city is starting to look up. New home building permits totaled 6,636 for the first 10 months of 2016, up about 400 compared to the same period in 2015. And new construction in one of Detroit's neighborhoods, North Corktown, is set to begin in spring 2017, according to Curbed.
These three areas of the country are seeing the beginning of a construction boom that stands to bring positive changes to these metro areas. But as buildings continue to be constructed, renovated or added onto, contractors will need to learn how to best manage their construction sites.
With more people and construction come greater security risks to equipment, such as theft or damage. Keeping everything organized in Mobile Mini's portable storage for construction will keep these expensive items secure and safe from curious hands and poor weather.