While working on a story for another publication, I came across the number of new homes built in Racine County in 2007. Seems like the national housing slump everyone is talking about is happening here, too.
Through November 2007, 371 one- and two-family homes were built in Racine County. At the same point in 2006, 498 homes were built. That's a 25 percent drop in one year.
It gets even worse when we compare the numbers to 2005. The Wisconsin Builders Association counted 677 new homes in Racine County two years ago. Even if we assume 20 new homes were built in the county in December (highly unlikely), that's a 42 percent drop in new home construction since 2005.
Those numbers mirror the state trend. Throughout Wisconsin, new homes are down 26 percent this year compared to last, and at least 38 percent compared to 2005.
For builders' sakes, let's hope for a rebound in 2008.