‘Looking to develop’: Demand for homes could lead to construction spike in Connecticut

As home hunters pounce on listings nearly as fast as sellers are putting them onto the market in Connecticut, construction of single-family homes is shaping up as the state’s next boom following a decade of apartment construction. The last burst of new construction in Connecticut in 2008 ended up with many homes built “on spec” languishing empty for extended periods and some going into foreclosure for lack of buyers, after a hot housing market imploded in the sub-prime mortgage collapse that triggered the Great Recession. But experts agree that the COVID-19 pandemic continues to drive city dwellers to outlying towns, as more employers embrace remote working arrangements they cobbled together on the fly last year. The Connecticut Department of Consumer Protection currently lists 1,600 home builders approved to perform new construction. Prices for building materials have escalated sharply the past several months including for lumber, confounding builders who are purchasing supplies after locking in prices for existing projects.


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