Housing market recovery kick-starting home construction

Housing market recovery kick-starting home construction in Knox County

Posted:
"Just stopped. The faucet turned off. Just completely shut down. We didn't go down a hill. We went off a cliff," said Home Builders Association of Greater Knoxville President Scott Davis. "Just stopped. The faucet turned off. Just completely shut down. We didn't go down a hill. We went off a cliff," said Home Builders Association of Greater Knoxville President Scott Davis.
Just this year, thanks to the recent housing market recovery, construction crews are back to work. Just this year, thanks to the recent housing market recovery, construction crews are back to work.
"We would come at least once a week to check to on our house. Every time we'd come, we'd see six or seven frames going up. The neighborhood was growing very quickly," said Lisa Bettis, who purchased a new home recently. "We would come at least once a week to check to on our house. Every time we'd come, we'd see six or seven frames going up. The neighborhood was growing very quickly," said Lisa Bettis, who purchased a new home recently.

By HAYLEY HARMON
6 News Anchor/Reporter

KNOXVILLE (WATE) - As the U.S. housing market begins picking back up again after the recession, construction companies in Knox County are seeing a boost in customers looking to build a new home.

Before the recession, Knox County was issuing nearly 3,000 residential building permits every year.

In 2011, that number fell to just 700.

But in the last several months of 2012, there was an 18 percent increase in permit requests.

The Home Builders Association of Greater Knoxville says that's great news for previously-stalled housing developments.

The organization says many new housing developments that were in the works, specifically high-end ones in West Knoxville, were halted in their tracks in 2008.

"Just stopped. The faucet turned off. Just completely shut down. We didn't go down a hill. We went off a cliff," said Home Builders Association of Greater Knoxville President Scott Davis.

For years, those lots sat empty.

But just this year, thanks to the recent housing market recovery, construction crews are back to work.

Those previously planned developments are back on schedule.

"This is the first year in five years we've seen a positive increase. We'll have an approximately 20 percent increase in construction permits pulled," said Davis.

Subdivisions that started before the economy tanked, like Jefferson Park in Farragut, are just getting close to completion.

Companies are finally feeling confident enough in the market again to start building.

Those years of uncertainty for construction business owners have started to turn around in the last eight to ten months.

"It's very good news. It's welcome relief for what we've all dealt with and the families that have struggled through this market," said Davis.

It's good news price-wise for new home buyers like Lisa Bettis, who just bought a house in the last two months in a new subdivision.

"We would come at least once a week to check to on our house. Every time we'd come, we'd see six or seven frames going up. The neighborhood was growing very quickly," said Bettis.

She never thought she'd snag her dream location.

"I'm really excited. I think it'll be a great place to raise my daughter," said Bettis.

Davis says it's been so bad up until now, that many of his friends who owned construction companies have since gone out of business.

Prior to 2008, the builders association estimates 20 to 25 new subdivisions were shooting up every year in Knox County. Since 2008, less than five have been built.

They're hoping the recent housing market upward swing continues to make up some of that deficit.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WATE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.