Industry Trends5 min

Home Buying Habits of Millennials

New research from the National Association of Home Builders points to the home buying habits of millennials, the children of Baby Boomers and Gen Xers born between 1981 and 1996. According to the data, this age group tends toward purchasing homes that are older, smaller and less expensive than homes bought by older generations.

As the youngest group of buyers in the market with very little to possibly no accumulation of wealth, most millennials who buy homes are buying for the first time in their lives. In fact, three out of four millennials who bought a home in 2014 were first-time buyers, while the remaining quarter traded in their current home.

The research also shows that less than nine percent of millennials purchased a new home in the past year, while 12 percent of older home buyers bought brand new homes. Furthermore, more than two-thirds of millennial home buyers purchased single-family detached properties. Still, the millennial generation showed a slightly higher preference for multifamily condominiums than older home buyers. Almost nine percent of millennial buyers purchased a multifamily property while less than six percent of older home buyers fell into this category.

Read the full article from NAHB here.

 

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Industry Trends6 min

Where the Construction Labor Shortage Is Most Severe

According to the latest American Community Survey from the U.S. Census Bureau, about 4 million people now work in residential construction (both single-family and multifamily) – down from the 5 million who were employed just before the Great Recession. Although the workforce has shrunk by 20 percent nationwide, some parts of the country are experiencing less pain than others. Similarly, light commercial construction has been reportedly back on the rise post-Recession, with IBISWorld reporting that the recovery started just before 2014 and continuing steadily through 2019 (source).

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Industry Trends7 min
A Commitment to Product Availability

It’s frustrating when factors outside of your control cause you delays or unexpected expenses during a project. Those factors could be weather delays, insufficient staffing, breakdowns in cash flow and unreliable product availability. LP devotes significant resources each year to ensure that its product availability is second to none. Because even the most innovative building solution is useless to customers unless they know that it’s available when they really need it.

Business Advice10 min
How to Prevent Lap Siding from Buckling by Using a Butt Joint

It’s a silly name, but a “butt joint” is an application technique where two pieces of material are “butted” up against each other. It is the simplest joint to make, and a butt joint can be either end to end or end to face. Depending on the width of the wall, butt joints will occur where two pieces of lap siding come together, creating a vertical seam. LP® SmartSide® lap siding products are available in 16’ lengths, and can help reduce the amount of seams where a butt joint would normally occur when using shorter pieces.

Industry Trends7 min
Why You Should Rely On Data Rather Than Instinct

For many years, construction pros have relied on experience and gut instinct more than on data, but that’s rapidly changing. Many banks, investment groups and insurance companies now need a construction data analysis to help identify potential risks before okaying a construction deal. And in the field, builders need easy access to actionable information – both at the lot level and company-wide – to help boost quality, control costs and manage trade partners.