2019 Housing Market Forecast
Discover our predictions on market and building industry trends for your New Year Planning
In 2018, Wisconsin’s housing market saw a slow and steady continuation of growth over the last several years. As recovery from its previous downturn becomes more apparent, WBA is optimistic about the future of Wisconsin homes. In 2019, we predict the following market and building industry trends:
Buyer demand for single-family homes and condominiums will remain strong
Statewide housing starts will continue to soar
Home building in Wisconsin will have a significant statewide economic impact
Legislative advocacy efforts will look to streamline the building permit process
More Wisconsin builders will choose WBA-sponsored group health coverage
Keep reading for more on our predictions for next year’s housing market and building industry trends.
1. Buyer demand for single-family homes and condominiums will remain strong
Housing demand is predicted to remain strong in 2019 as the inventory shortage deepens across the state. For home builders, this means an increasing demand for construction of single-family homes and condominiums, made a bit easier by the growing availability of construction loans and the relaxation of harmful housing zoning laws and restrictions.
2. Statewide housing starts will continue to soar
As a direct result of increased buyer demand, Wisconsin home builders can also expect housing starts to rise. Nationwide, housing starts have continued to climb above the highest production numbers since October 2016. This trend was also true in Wisconsin, with a 6% increase in starts between 2016 and 2017. We predict that the strong buyer demand will dictate a continued influx of housing starts in 2019.
3. Home building in Wisconsin will have a significant statewide economic impact
According to the National Association of Home Builders (NAHB) 2018 Economic Impact of Home Building in Wisconsin report, a substantial number of jobs, income, and taxes were generated throughout the state. We predict this trend to continue into 2019 with the increase in buyer demand and housing starts.
Learn more about the NAHB Housing Impact Studies here.
4. Legislative advocacy efforts will look to streamline the building permit process
As an association, we will continue to look for ways to improve housing industry conditions across the state. One strong legislative advocacy effort for 2019 is to streamline the process of obtaining building permits to ensure home building is seamless for both builders and home buyers. During the 2017-2018 Legislative session, WBA helped simplify the application and approval process for conditional use permits. The next step will be to focus on an even more straightforward online application process to help builders effectively meet 2019 housing demands.
Learn more about WBA’s advocacy efforts to improve the housing industry in Wisconsin– and how you can help here.
5. More Wisconsin builders will choose WBA-sponsored group health coverage
With a strong home building year predicted ahead, you may be looking to add or revamp your staff benefits. Health insurance is one of the most expensive, time-consuming, and frustrating employee benefits your business offers. In 2018, WBA partnered with The Insurance Center of Wisconsin to provide affordable health insurance group plans for WBA members. While many builders have already signed up for Association health plan, we predict even more will take advantage of cost-effective networks locally and nationwide, top-notch customer service, and the flexibility of an independent health insurer.
Learn more about WBA’s health insurance plan here
We remain optimistic about the Wisconsin housing market and building industry trends going into 2019 and will continue to support pro-housing efforts to make our state an even better place to live and work.