Traverse City Record-Eagle

Business

October 20, 2013

Area builders optimistic

(Continued)

The economic impact of new construction is significant. The Housing Policy Department of the National Association of Home Builders estimates the one-year local impact of building 100 single-family homes in a typical metro area offers $21.1 million in local income and provides for $2.2 million in taxes and 324 local jobs.

Jurkovich said the new construction trend is undeniable. And he points to his increasingly in-demand construction company as evidence. The custom home builder expects to have 75 permits for the year. That's nearly double the 44 it applied for in 2012, 35 in 2011 and 18 in 2010.

"The beginning of the year and the last part of last year, the repo market evaporated in town," said Jurkovich. "As the inventory of repo houses came off the market, people still wanted to buy a home. All of a sudden (the market) just switched.

"We’ve gone from six employees to 26 employees," Jurkovich said. "Its been huge and they (the new jobs) have come in the form of management, project managers, sales people and labor to keep up with the demand."

Kimberly Pontius, executive officer for the Traverse Area Association of Realtors, said the strong trend in construction starts in northern Michigan is good news.

"We saw it coming," Pontius said. "In the last two years we’ve seen a marked increase in vacant land (sales), both waterfront and non-waterfront parcels. We've also seen an absorption of land lots in subdivisions that had kind of gone dormant. I think it's mostly prospective homeowners or people who are buying a spot who want to build their home someday down the road."

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