Residential Construction Industry

Paper Summary:

This paper deals with the basic history of the residential construction market and the current market. It looks at several factors, current and past which lead the industry to where it is today.

From the Paper:

"Throughout the last century many aspects of our economy and way of life were permanently altered as a result of governmental involvement and the development of finance options, never before seen in the residential construction industry. In the beginning of the 20th century, what seemed unattainable by homebuyers became a common expectation by that century's close. These expectations dealt with a consumer not only being able to build his own home but more importantly being able to possess personal property, which represented, "comfort, convenience and quality of life unknown to previous generations" ("A Century of Progress", 2003). The catalyst of change began in 1949 when the U.S. government established the "Housing Act of 1949". At this point it became a national goal to improve living standards for all American families and provide them with the opportunity to own their own home. "

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