About half of America’s would-be homebuyers are Millennials, but many have postponed their first home purchase because of sizeable student loan balances and lifestyle choices. However, there are clear signals that more Millennials are now ready and willing to take on a home mortgage. That’s especially true in metro areas that rank high on WalletHub’s “Fun Index,” U.S. News & World Report’s “Quality of Life” index, and Meyers Research’s “Housing Availability” metric. According to the real estate market analysis, there were seven metro areas where building permits grew by 15 percent or more last year, including Orlando, Houston and Minneapolis.
Builders in those communities and elsewhere have done their homework on what Millennials desire in a neighborhood - things like dog parks and easy access to transit. Homebuilders have also noted that these young buyers have strong preferences in home cladding: brick, stone and wood (or mixed use of those materials).
When asked to rate exterior materials that are “essential or desirable,” NAHB researchers found that 66 percent of Millennials chose brick or stone – and 49 percent chose wood or engineered wood siding products. Fiber cement siding finished in last place.
Complement exterior mixed materials with LP® SmartSide® Trim & Siding
NAHB also found that Millennials’ “Top 10” list of desired home features included hardwood flooring on the main level, which calls for exceptionally strong and straight sub-flooring.
LP Legacy® Premium Sub-Flooring offers one of the industry's strongest sub-floors and keeps hardwood floors free of moisture.
There are 75 million Millennials who are now entering the prime of their careers. Just like their Boomer parents, they'll buy homes from builders who are attentive to their needs and choose materials accordingly.
There are only two ways to boost your bottom line: increase revenue and cut costs. In this blog, we'll explore innovative ways for builders to cut costs in order to increase homebuilder profit margins - and we'll examine revenue enhancement in a future post.Continue Reading
According to the latest American Community Survey from the U.S. Census Bureau, about 4 million people now work in residential construction (both single-family and multifamily) - down from the 5 million who were employed just before the Great Recession. Although the workforce has shrunk by 20 percent nationwide, some parts of the country are experiencing less pain than others. Similarly, light commercial construction has been reportedly back on the rise post-Recession, with IBISWorld reporting that the recovery started just before 2014 and continuing steadily through 2019 (source).
It's frustrating when factors outside of your control cause you delays or unexpected expenses during a project. Those factors could be weather delays, insufficient staffing, breakdowns in cash flow and unreliable product availability. LP devotes significant resources each year to ensure that its product availability is second to none. Because even the most innovative building solution is useless to customers unless they know that it's available when they really need it.
It's a silly name, but a "butt joint" is an application technique where two pieces of material are "butted" up against each other. It is the simplest joint to make, and a butt joint can be either end to end or end to face. Depending on the width of the wall, butt joints will occur where two pieces of lap siding come together, creating a vertical seam. LP® SmartSide® lap siding products are available in 16' lengths, and can help reduce the amount of seams where a butt joint would normally occur when using shorter pieces.