Tulsa area home construction picks up the pace
BY ROBERT EVATT World Staff Writer
Friday, November 09, 2012
Local home builders continue to stay busy, as current construction levels have remained well ahead of last year.
Approximately 177 homes broke ground in the metro area in October, according to statistics from the Home Builders Association of Greater Tulsa.
Though the total was seven percent behind September’s tally, it was a full 24.6 percent ahead of October 2011.
The year-to-date total now stands at 1933, a full 30 percent ahead of the first 10 months of last year.
Bill Butts, president of the Tulsa HBA, said local builders continue to benefit from pent-up demand.
“A lot of people sat on the fence for quite some time,” he said.
He cited the strong local economy, low interest rates and greatly improved consumer confidence for the continued growth.
Much of the construction is coming from current homeowners looking to upgrade.
“I think a lot of this is from families that are growing and need more square footage,” he said.
Butts said construction has experienced a boost in most price ranges, though homes that range in price from $275,000 to $325,000 are doing particularly well.
The area will likely experience the usual seasonal construction slowdown as winter comes, though Butts said he’s optimistic that builders will continue to beat last year’s pace.
“I’m pretty optimistic,” he said. “A lot of the subcontractors I’ve talked to have a lot of work in front of them for the next couple of months.”