There are still a few pessimists out there, but don’t count builders among them. As far as they’re concerned, the future’s so bright they’ve got to wear shades.
At least that’s the takeaway from Professional Builder’s latest research, published at the end of November. Editor-in-chief Rich Binsacca sums up the mood:
Representing a broad spectrum of the industry nationwide—led by production builders (42.8%, nearly two-thirds of which are in the move-up/move-down segment), custom builders (27%), and those diversified into remodeling (12.6%)—the results of our annual forecast survey indicate general optimism despite the specter of a mild economic or “growth” recession next year and its effect on housing production and sales.
Case in point: Just 11.6% say they’ll build fewer homes next year than in 2019, while more than half plan to build more; meanwhile, 66% anticipate greater sales revenue—a third of those expecting more than a 10% bump from 2019. About half plan to buy land in 2020, relying on a diverse array of financing options. And while more than 40% are “somewhat optimistic” about their local market conditions in 2020, another 22% are very optimistic, echoing their rosy revenue forecast. Half look forward to a “very good” or even “excellent” year ahead…