Michigan State Housing Development Authority
Tuesday, April 28, 2014
State housing authority issues upbeat 2014 forecast with increased housing starts, rising home prices
LANSING, Mich. — Michigan’s housing industry is bracing for its best year since the start of the Great Recession in 2008, including projected increases in new housing starts, rising home prices and a decline in foreclosures, the Michigan State Housing Development Authority (MSHDA) announced today during the kickoff of the 16th annual Building Michigan Communities Conference.
“The economic and housing outlook in Michigan for 2014 is decidedly brighter than what we’ve seen at any time over the previous five years,” MSHDA Executive Director Scott Woosley said during the opening of the three-day conference at the Lansing Center in downtown Lansing.
“The state’s housing industry is helping to spur Michigan’s economic turnaround,” Woosley said. “Consumer demand is getting stronger and consumer confidence is returning to prerecession levels. We’re anticipating robust need for new housing construction throughout much of the state as we enter the building season.”
MSHDA teamed with the Home Builders Association of Michigan and the Michigan Association of Realtors to develop its 2014 housing industry assessment. Highlights of MSHDA’s findings include:
“Michigan’s residential housing market is pointed toward a sustained period of growth that we believe will extend well into the future,” Woosley said. “The challenge we face is whether the building sector is going to be able to meet growing demand from buyers given the workforce and capital access issues the industry will face in many markets throughout the state.”
The Building Michigan Communities Conference, which annually draws more than 1,700 attendees, is among the largest events of its kind in the United States. Service providers, nonprofit and for-profit developers and financiers who are focused on improving Michigan’s communities are among those who attend the conference.
More than 100 breakout sessions are planned over the three-day event. Topics broadly address the creation and preservation of housing, providing services to the homeless and revitalization of neighborhoods and downtowns.
The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*
*MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.