US residential market expected to accelerate in 2015

The US housing market is expected to accelerate during this year, according to the latest commentary from Ed Sullivan, chief economist and group vice president of the PCA.

Presenting the industry body’s 2015 residential forecast at International Builders Show, Mr Sullivan highlighted that recent growth in the economy, as well as continued added jobs to the United States workforce have 'fortified both economic and residential construction growth across the country.'

On the back of these encouraging developments, Mr Sullivan expects the United States housing market will accelerate in 2015. In addition to sustained growth in multifamily construction, single family construction is expected to strengthen thanks to robust job creation, wage gains, lending standard easement and favourable interest rates, he notes.