Building market in Wilmington is growing stronger | News

NEW HANOVER COUNTY, NC (WECT) - The housing market is getting stronger, and that's giving some local builders a boost.

According to a report released Wednesday from the National Association of Home Builders, "A 15 percent gain brought the pace of new housing construction to a seasonally adjusted annual rate of 872,000 units, while an 11.6 percent gain brought the pace of permit issuance to 894,000 units. These were the strongest numbers seen in both categories since July of 2008."

These numbers were the strongest for single-family units and apartments. The recent increase in housing sales is credited to low mortgage rates and a drop in unemployment.

There are a number of building projects going on around Wilmington, NC.

Tony Ivey is a custom builder for single-family homes. He's been in the business for more than 12 years.

"We're seeing more and more jobs coming forward and we're doing a lot of quotes for people," said Ivey. "I think the market is definitely turning up."

Ivey said the market went through a rough patch a few years ago but now more people are investing in homes because the prices are low.

"This is a good sign," said Ivey. "The economy is going to get better."

Even though the market is better now, economists say it's not at its best.

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