Category — Construction

Lowe's Logo

The Outer Banks Voice is reporting today that Lowe’s, the home improvement “mega store,” recently submitted a site plan for a store in Kill Devil Hills.

The plan calls for a 158,000-square-foot store on the “highway” between West 1^st St. and West Landing Drive.  The area is already zoned commercial, so the approval process could be as straight-forward as a site plan approval, but it’s too early to tell.

U.S. construction spending for April rose above analysts’ expectations; the largest monthly increase in almost 10 years. 

The Commerce Department said construction spending rose 2.7 percent, the biggest advance since August 2000, to an annual rate of $869.1 billion. March’s increase was revised up to 0.4 percent from a 0.2 percent gain.

Corolla Club & Resort

A public hearing was held regarding the new Corolla Club and Resort on Monday.

It seems that supporters of the development view the development as a means to offer new housing opportunities for visitors to the area.  Opposition to the new resort claim that the project dosen’t go with the current atmosphere of the area and seems out of place for Corolla. 

The Builder-developer, SAGA Construction, states that the development will help the area by creating jobs and providing accommodations for vacationers on the Outer Banks. 

During the public hearing, three major issues were addressed:

(1) Is the development compatible with surrounding residential areas?

(2) Should the land be protected because of its unique environmental qualities?

(3) Will Corolla neighborhoods be negatively impacted by the new development?

County Planner Ben Woody stated in the hearing that the development fit the criteria for a special-use permit and fits in with the overall plan for the community.  Before the testimony began, Sumit Gupta, principal owner and developer of SAGA, said the new development was carefully designed and would benefit Currituck County.

It was a hotly contested issue, and testimony and closing statements extended past 1 a.m.  At the end of the lengthy hearing, the commissioners, without comment, unanimously approved the developer’s application for a special use permit with some recommended changes from the planning staff.

Home builder confidence levels have risen to the highest level in two and a half years. The Housing Market Index increased three points to 22 which is the highest since August of 2007.  Wells Fargo also reported that this is the second straight month that we have seen a gain.

The total number of housing starts rose 1.5 percent to the highest number in nine months.  This number matches economists projections.   

Building permits have also seen an increase of 2.7% and economists are predicting this number to grow more before it decreases again.

  Information released by Bloomberg.com this morning shows that new homes sales have risen 11% in the month of June.  This is the biggest jump in eight years! 

Falling prices and a drop in mortgage rates are getting buyers off the bench. “We are making some progress in absorbing this huge inventory overhang” and that “is a fundamental step we need to take to begin to see home prices improve,” said Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh.

Another positive sign for the housing market is the fact that some of the nation’s major building corporations have shown positive signs as their stocks jump. 

The Level of Construction of new US homes rose in June to the highest that it has been in seven months. 

Many builders are rushing to build homes for first time home buyers that are taking advantage of the first time home buyer tax credit. The Commerce Department reported last week that construction of new homes and apartments has risen 3.6% over last month.  “This was the most positive housing report in ages” said Patrick Newport, an economist with IHS Global Insight. 

Home buyers are finding that now is the time to buy with low home prices, and the $8000 tax credit that first-time home buyers will be receiving until December 1. 

Construction of new homes jumped in May by the largest amount in three months. 

This growth indicates that the nation’s housing market is showing the beginning signs of recovery.  The Commerce Department said on Tuesday the construction of new homes and apartments rose 17.2% last month.  

Another positive indicator of recovery is the fact that more contractors are applying for building permits. Applications for building permits has risen 4%.