St. Charles housing construction may slow, officials say
By Adam Kealoha Causey
ST. LOUIS POST-DISPATCH
02/09/2006
ST. CHARLES COUNTY
Housing experts predict fewer new homes will be built in St. Charles County this year than in each of the previous three years, but they don't expect a major slowdown in development.
Rising interest rates will likely discourage some from building in the county, Patrick Sullivan, executive vice president of the Home Builders Association of Greater St. Louis, said in a speech Thursday to the Lake Saint Louis Chamber of Commerce.
Rebuilding along the Gulf Coast after Hurricane Katrina's destruction will have some influence on housing material costs, Sullivan said, but interest rates will be the major factor in price increases.
"You can't have an all-time record every year," Sullivan said. "You can be down 5 percent and still have a robust year."
About 4,000 new home permits were issued in St. Charles County in 2003, with about 3,700 in each of the past two years, Sullivan said.
St. Charles County had the largest share of new homes built in the St. Louis area last year with 29 percent, and St. Clair County in the Metro East area followed with 13 percent, according to numbers provided to the Home Builders Association by Market Graphics Inc.
Greg Prestemon, president of the Economic Development Center of St. Charles County, said he agrees this year will "be a big year by historical standards, but not a big year by the last three or four." It will be later in the year before a change will be noticeable, he added.
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By Adam Kealoha Causey
ST. LOUIS POST-DISPATCH
02/09/2006
ST. CHARLES COUNTY
Housing experts predict fewer new homes will be built in St. Charles County this year than in each of the previous three years, but they don't expect a major slowdown in development.
Rising interest rates will likely discourage some from building in the county, Patrick Sullivan, executive vice president of the Home Builders Association of Greater St. Louis, said in a speech Thursday to the Lake Saint Louis Chamber of Commerce.
Rebuilding along the Gulf Coast after Hurricane Katrina's destruction will have some influence on housing material costs, Sullivan said, but interest rates will be the major factor in price increases.
"You can't have an all-time record every year," Sullivan said. "You can be down 5 percent and still have a robust year."
About 4,000 new home permits were issued in St. Charles County in 2003, with about 3,700 in each of the past two years, Sullivan said.
St. Charles County had the largest share of new homes built in the St. Louis area last year with 29 percent, and St. Clair County in the Metro East area followed with 13 percent, according to numbers provided to the Home Builders Association by Market Graphics Inc.
Greg Prestemon, president of the Economic Development Center of St. Charles County, said he agrees this year will "be a big year by historical standards, but not a big year by the last three or four." It will be later in the year before a change will be noticeable, he added.
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