SIOUX CITY, Iowa (KCAU) – While many industries experienced losses in 2020, Sioux City enjoyed record-setting growth in the homebuilding sector.
“We knew we had a lot of projects going on, but it kind of surprised us where we’re getting with the numbers,” Marty Dougherty, the Economic & Community Development Director for the City of Sioux City, said.
In 2020, Sioux City saw its highest number of residential housing construction projects in 15 years. 521 units were added to the city landscape and builder interest in multi-family developments also grew last year, with more than 400 units erected.
“We think the economy is strong here and despite everything that’s happened in the last year, the ag economy and the food production economy and so on has been very strong. So, we think there is a demand here. We also think the opportunities, wide range of opportunities for different types of housing, is causing interest in Sioux City,” Dougherty said.
Dougherty said he attributes some of the housing growth to the city making conscious efforts to invest in infrastructure, as well as low interests rates due to the pandemic.
“If anything we actually had an uptick, I think, in our market here,” said real estate agent Mallori Hoffert.
Hoffert said mortgage interest rates dropped between 2-3% enticing both buyers and sellers.
“Houses don’t stay on the market now very long. We’re in what’s called a seller’s market. There’s really low inventory. We need more sellers, we need more houses. We are lucky around here, we have quite a few developments with land available and builders around here so we can create some of our own new inventory,” Hoffert said.
Hoffert said she expects rates to remain low through out the new year.
Dougherty said he expects the housing growth to have a long-term effect on Sioux City.
“Without places to live, you can’t have more people, you can’t grow your population, your economy doesn’t grow, so it’s a key amenity. It’s a key factor in the growth of a community. So, I think long-term, this means our population will grow. We’ll have more economic activity,” Dougherty said.
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