Homes are integral ingredients for vibrant neighborhoods and add so much to the outstanding places we live. The communities that our TLI team serves in Montana are blessed to have several local expert home builders who continue to add quality housing options to our communities. These home builders are gritty, creative and adaptable. They have weathered many storms and yet stay strong to help our communities grow.
It is no secret that the recent housing market declines our nation faced impacted our local home builders. The productivity of the building industry was challenged by stagnant sales and builders were forced to adjust. To stay financially viable, local home builders cleverly adapted their business operations during one of our country’s most difficult housing circumstances. Their business savvy has benefited our communities in many ways.
With the recovery of the housing market, new industry challenges were unearthed, and again our local Montana builders quickly adapted to the market demands. The pent-up demand for housing created a surge of new growth which was complicated by the lack of inventory. This lack of inventory resulted in the resurgence of new construction and in 2016, Missoula (for example), experienced a 24 percent increase in the number of residential lots sold in the Urban area as compared to the prior year. Additionally, the City of Missoula experienced a large increase in building permits; single-family residential building permits increased by 26.7 percent, multifamily permits increased by 82.8 percent. Those 534 multi-family permits included both apartments and condominiums (2017 Missoula Housing Report, Missoula Organization of Realtors®).
Labor shortages and rising material costs have created new obstacles and coupled with regulatory uncertainties, local home builders have been exposed to a very complex business environment.
If you take a quick look around Missoula, Billings, Helena, and the Flathead Valley, you will notice several new and ongoing building projects. These projects are a testimony to the hard work of the local building industry. At the very heart of our communities are our homes, which would not exist without the expert local home builders who overcame housing market challenges.
Territorial-Landworks appreciates the home builders efforts in making our Montana communities amazing places to live!