Home construction industry profits are expected to fall 20%
(Source: Calgary Herald)
More evidence of a buyer’s market for residential real estate emerged Wednesday in reports relating to new-home prices, builders’ profits and improved opportunities for those looking to jump into home ownership for the first time.
The residential-construction industry is expected to see profits fall nearly 20% this year — the biggest decline since 1995 — as the economic downturn dampens demand for new homes, the Conference Board said.
Earnings will drop to $3.2 billion in 2009 and to less than $3 billion in 2010, the board said.
Read Derek Abma’s full article “Homebuyers win, builders lose, according to reports” in the Calgary Herald (April 8, 2009).