It is no secret that the bread and butter of Georgia’s ready mix industry during its peak was the booming residential construction market. As the housing bust began to unfold at the end of 2008, work ceased to exist and the housing market was flooded with record numbers of foreclosures. Even for folks who could obtain financing, the market was overrun with newly built houses which were now under bank ownership. The future was bleak.
As signs of life have begun o show themselves over the last year, a GC&PA member asked me earlier this week if he knew where I could source some historical building permit information. Linked below is an encouraging spreadsheet showing the uptick in permitted single family homes. We are on track for our best year since 2008 in the residential market.
Throughout the recession, I have sat in on many economic forecast, and I am reminded of several important factors in Georgia’s favor. It is a desirable place to live. It is a desirable place to do business. It is a desirable place to start a business, and our Governor and legislature have been aggressive in recruiting business to Georgia. As long as people continue to move to Georgia to raise their families and run their businesses, we have to build places for them to live, work, buy groceries, send kids to school, etc.
Something would have to give eventually and it appears that it finally may be.