fedgazette

Housing sector still going strong

Michigan State Roundup

Published November 1, 2001  |  November 2001 issue

Although some industries are tightening their belts these days, housing construction in the northwestern Upper Peninsula is fat and happy. The number of new single-family homes in Houghton and Hancock has increased steadily for the past five years, a trend that shows no signs of slowing, officials say.

Hancock, home to 4,500 inhabitants residing in 1.8 square miles, is experiencing near-record single-family construction. Thus far, 12 homes have been built, with two more expected to be added before the end of the year. The city set a record in 2000, with 13 new homes. While Hancock tries to open 10 lots annually for new homes, demand has been outpacing availability.

Its neighbor city, Houghton, with 7,000 residents tucked into a 3.2 square-mile area, built 15 new homes. While that number is down from 21 last year, half the homes built each year have been for new residents, according to Houghton's city manager.

Rosie Cataldo

Top

 
Latest

President's Speech: On the Objectives of Monetary Policy