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How Can The Home Construction Industry Affect The Housing Industry?

887 Words4 Pages

Low finance rates, Americans are purchasing homes more than ever before now, but the quality of these mass constructed homes are plummeting. Just imagine breaking your back working day to day, saving up yearly for 10 years for your first home and losing it all and more because your home fell off due to a fire. This is an example of what may be able to happen when a house is poorly constructed. Home builders and contractors are ignoring the much needed safety regulations when calculating budgets for home construction. It is these detriments that are dropping the standards of building within the home-building industry, which costs Americans millions and maybe even billions yearly due to property losses and repair costs. Foundations and firms are cracking heavy due to the poor engineering and rushed procedures, while homes are burning as if they were mere piles of brushwood due to faulty wiring and disregard of general fire precautions that should be taken in place. …show more content…

It’s an important industry and one that will always have a need since it creates a product that is one of the necessities of human life. Economics play as much as an important role in the housing industry along with all additional industries. There are several factors that can affect the housing industry economically. Supply and demand tied with the price elasticity can affect the housing industry. Negative as well as positive externalities, wage inequity, and the monetary and fiscal policies can all have extensive effects on new home industries. It’s all determined exactly how the economy affects the industry in both positive and negative

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