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Newspaper
The Canton Repository
Location
Canton, Ohio, United States of America
Date
Dec 31, 1950
Page
23
Washington reports 1950 set a record with about 1.37 million new houses and apartments started, the best year in postwar production. Government defense needs and military programs will frame 1951 housing, with experts optimistic a high level may return after the emergency.
Ohio housing gains reported in the census highlight steadier home construction and improved market activity. The data point to rising permits and new listings across major cities, suggesting beginnings of a more robust housing cycle.
Frank W. Cortright, executive vice president of the National Association of Home Builders, predicts 1951 housing starts will fall substantially below the government’s 850,000 target due to war, credit controls, and Regulation X. He notes 1950’s record 1,400,000 starts were achieved despite war pressures and urges prompt government action to sustain housing volume for war needs while acknowledging manpower and material uncertainties.
From the Savings and Home Ownership chart the publication shows that by 1950 the U S was rapidly becoming a nation of homeowners, as the 5,500,000 new single family dwellings started since 1940 were mainly bought for own occupancy until the national emergency created a roadblock.
Washington expects thrift accounts to grow by 2 billion dollars in last year. William K. Divers, chairman of the Home Loan Bank Board, warns that reaching this volume will pressure savings and loan associations to maintain proper reserves. Some high dividend associations may need to cut dividends.
Richmond police report a break in at the H. C. Sims Casket Co. where suspects fled after inspecting the display room without entering the building. No entry occurred and no items were reported stolen.
Builders posted record expenditures for new construction in 1950 exceeding 27 billion dollars though privately financed volume did not reach 1927 peak. Clyde A. Fulton of the National Retail Lumber Dealers Association cited rising home building and repair, high material quality, and steady inventory rebuilding for 1951 amid postwar demand and steel and metal diversions to defense. He noted 5.5 million new homes since 1945 and ongoing efficiency gains in distribution and inventory control with 100,000 plus workers trained.
The Housing and Home Finance Agency says defense related production cuts could become an asset to the home-building industry. It argues the shift may drive development of improved construction methods and designs, especially for low-cost housing, with long term benefits for quality and design.
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