The Flatirons Building Council (FBC) of the Home Builders Association of Denver (HBA) hosted their 2016 housing market and design trends, as part of their annual kick-off event to nearly 100 builders and associate members in late February. The data was presented by Mike Rinner, senior vice president of Meyers Research, LLC, along with Jennifer Williams, managing partner at KGA Studio Architects, PC. The news was well received by attendees who were gaining insight into the future growth and trends for the home building industry in the foreseeable future.

According to Rinner, there are three significant messages that were delivered during the presentation and “takeaways” for the audience:

• The local housing industry has tremendous growth potential. Denver-Boulder population growth will create 25,500 new households per year through 2020. Single family homebuilders will need to step up the pace of new home construction by 60% from 2015 levels (an increase of 6,200 homes per year) to keep up with demand, even if multifamily construction continues at the current pace.
• Don’t give up on Millennials. 80% of those age 18-34 now say that homeownership is part of their “American dream,” up from just 65% in 2011.
• Choose a market segment or niche and study it carefully. Facing challenges including rising costs and home affordability, builders need a deep understanding of their buyers in order to successfully implement even the most carefully crafted strategic plans.

In addition to the market overview, Williams shared information on topics related to home design for specific audiences, which included millennials, active adult/55+, whole house remodel, and the resurgence of custom spec homes in the market. “Being able to share with FBC members how market trends are influencing architectural design is a huge advantage for those members. I think the biggest comment that most were surprised to hear was that the custom spec market has returned, and that banks are lending again on these types of projects. This is very positive news for our industry.” states Williams.

Cindy Bell, 2016 Chair of the FBC had this to add, “We were excited at the response and enthusiasm we received from attendees about this program. It’s important to keep our membership well informed about the market conditions and trends, as it relates to product needs for specific buyer profiles that will impact the housing industry. We look forward to providing these types of quality programs in the future.”  

To learn more about the Flatirons Building Council and the opportunities they offer, visit http://www.hbadenver.com/fbc.