SKOKIE, Ill., Jan. 16, 2015 /PRNewswire-USNewswire/ -- Stronger construction spending in the housing market is on the horizon in 2015 for Nevada, despite lingering foreclosures that need to be removed from bank books.
The Portland Cement Association (PCA) expects 2015 housing permits to increase 17 percent in Nevada. The forecasted increase is driven by expected growth of 12 percent in single family units and 29 percent in multi-family units. Although, the state still holds a significant percentage of mortgages in foreclosure and pre-foreclosure that drags down the speed of the recovery when compared to other states, the low interest rate environment, affordable home prices and easing of lending standards, will allow homeowners to once again drive demand for residential construction. The numbers indicate that a third of Nevada homeowners will remain underwater, which currently is the highest in the nation.
Following a surge in single family housing permits of 59 percent and 21 percent year-over-year growth in 2012 and 2013, the market cooled last year as permit activity declined one percent. Nevada's housing construction market remains 73 percent off past peak levels and 67 percent below pre-bubble peaks.
PCA Chief Economist and Group Vice President Ed Sullivan will unveil a full residential forecast for the United States at the 2015 International Builders' Show in Las Vegas, Nevada, on Jan. 20 at 8 a.m. To RSVP for the press conference or arrange a separate interview, please contact Erik Rancatore at [email protected] or 773-750-3460.
Based in Washington, D.C., with offices in Skokie, Illinois, the Portland Cement Association represents cement companies in the United States. It conducts market development, engineering, research, education, and public affairs programs. More information on PCA programs is available at www.cement.org.
SOURCE Portland Cement Association