SCI Flooring operates as SCI Floor Covering in Detroit, Michigan; MC Flooring in Kansas City, Missouri; and Eastpointe Interiors in Grand Rapids, Michigan.  

Builders are feeling cautiously optimistic about market conditions given low levels of existing home inventory and ongoing gradual improvements for supply chains.

A lack of existing inventory and stabilizing mortgage rates helped push single-family production up to the highest rate thus far in 2023 even as builders continue to deal with high construction costs, persistent labor shortages and tightening credit conditions for construction loans.  

The fallout from the regional bank collapses has led to tightening lending conditions, though not on residential mortgages. 

Housing in the United States needs considerable investment to address energy efficiency, accessibility, and disaster mitigation and recovery, according to a recent report by the Harvard Joint Center for Housing Studies.

Builder sentiment has been edging higher in the early part of 2023 as a significant amount of housing demand exists on the sidelines and resale inventory is limited.

Although high construction costs and elevated interest rates continue to hamper housing affordability, builders expressed cautious optimism in March as a lack of existing inventory is shifting demand to the new home market. 

Vermette’s initial focus will be on the strategic road map and partnerships that will accelerate company growth.

Associated General Contractors of America officials said a lack of clear guidance from officials in Washington is delaying expenditures on much-needed infrastructure and energy projects.

Meanwhile, multifamily growth was robust throughout much of the nation at the end of 2022, with the notable exception in high-density markets.