National indicators show that the construction industry is generally recovering from the recession; however, in some states, things seem to be quite slow in this direction, and Arkansas is one of them, although constructions represent a very important sector of the local economy. Residential construction in particular generates a significant number of jobs including skilled labor for Fayetteville roofing projects, real estate tax revenue etc.
Recent trends show that local houses tend to be more costly and more valuable and, consequently, fewer are being constructed. The high price of housing in Arkansas is mainly caused by infrastructure development costs, which have escalated lately. If we add duplexes and apartments to residential homes, we get a not-so-great picture: construction of these units remains very low.
Construction industry has been robust in previous years, not to mention that other states have recovered well after the recession. Why is Arkansas different? First, interest rates are still low and the population in the state is not growing at the same rates as in other states and has been less mobile since the recession.
The situation is similar in the case of commercial construction too. Statistics show that the current residential and commercial construction is more than 50% lower than before the crisis.
This entry was posted on Sunday, December 24th, 2017 at 11:19 am and is filed under General.
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