Residential and Nonresidential Construction

Topics:
Construction Services and Home Improvement,
Regulations
Tags:
Finance,
Financial Planning,
Financial Services,
Interest Rate,
Sector,
Utah
Source:
State of Utah

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Overview: This article reviews the construction sector for the year 2002, which was stronger than expected. The value of permit-authorized construction (residential, nonresidential and additions, alterations and repairs) in the state was $3.7 billion, only 4% below $3.9 billion in 2001. Despite the recession, the value of residential construction reached $2.4 billion in 2002, an all-time record high. The residential sector benefited from low interest rates, which fell from 7% at the start of the year to 6% by midsummer, providing a significant financial incentive for new homebuyers. Lower interest rates did not give support to the nonresidential sector.

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Format: PDF | Size: 26KB | Date: Dec 2002 | Pages: 6

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