Eco 205

Crt205 - This final assignment is an overview of the home building industry as well as its future and present effect on the economy (Course Syllabus, 2008). Crt 205

Eco205 - Home Building Industry
Owning property or building one’s own home is now considered the American dream. Some see new homebuilding as destroying nature, while others see it as an important part of our economy. The home building industry is one of the strongest fields to examine when studying the overall economy of a nation. If the nation is not doing well, then people will feel less obligated to buy homes.
The home building industry has been around for awhile. The designs and shapes of homes have changed over time making the industry more diverse than it was in the past. When people began to build they did not layout and draw plans and specs for their home. The first average homes were built with one or two rooms in its entirety. Now they average home have six rooms. There were also not any rules or regulations in place when home building first started until the Occupational Safety and Health Administration was created, which is an organization that supervises construction for new homes (Occupational Safety and Health Administration, 2008). The National Association of Homer Builders was also created to work with state and local agencies easily to establish affordable houses for everyone (The National Association of Home Builders, 2008).
Eco 205 - As the economy goes through a current overhaul, many contractors are going to fold, causing the market housing bubble to also collapse. The demand’s price elasticity is elastic for the housing market, since homes are highly considered to be a precious benefit by the average American. Even if someone can not afford a house or home, there are other alternatives for an individual or family to live in.


Eco 205

 

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