With the rates on fixed mortgages in the U.S. dropping to historic lows at certain points this year, a modest housing recovery has followed as well. Over the past month, the rate on 30-year mortgages have hovered around 3.6%; indeed, when that rate fell to 3.49% in July it marked the lowest since long-term mortgages began in the 1950s.
Housing prices have also have gone up, mainly due to a shrinking supply of homes and rising sales.
All of this is good news for the construction industry. Builder confidence has reached its highest point since March 2007, according to a survey by the National Association of Home Builders. This rebound in the housing market is projected to boost economic growth in 2012 for the first time in seven years.
Over the past year, sales of previously occupied homes jumped more than 10 percent. New-home sales have also been making gains, rising 3.6% in July, according to reports from the Commerce Department. For example, Toll Brothers, which builds high-end homes, is experiencing its most steady demand in over five years. However, the seasonally adjusted annual rate last month came in at 372,000, still far below the pace of 700,000 that many economists consider to be “healthy.”
Construction Site Accidents
The trend is a mixed blessing for workers. With increased construction comes and increase in jobs. Yet more activity in the sector also translates into an increase in construction site injuries. Construction is an inherently dangerous occupation, with fall, scaffolding and crane accidents, welding and cutting accidents among the most common. In fact, construction has one of the highest rates of workplace fatality, with the majority of deaths resulting from falls to a lower level.
Third Party Injury Attorneys
Many construction sites accidents fall under the category known to third party claim attorneys as “third parry liability.” This means that the accident was caused by someone other than the workers employer or a co-worker: perhaps a negligent property owner, the renter or manufacture of a defective product, or another driver who caused a car accident on the job. Third party settlements generally involve a much higher payout for the injured employee than a standard Washington workers’ compensation case. If this applies in the case of your injury, contact an attorney at Emery Reddy today.