Finally, Utah’s longest home building contraction appears to have run its course. For seven consecutive years the number of new residential units built in Utah declined; falling from a high of 28,300 units in 2005 to a low of 8,600 units in 2011. Prior to this downturn the weakest period for the home building industry was the five-year contractions from 1978 through 1982. Housing cycles seem as inevitable as the seasons leaving only questions of duration and amplitude. The last severe housing bust in the 1980s was followed with a seven year expansion running from 1989 through 1996. during these years the number of residential building permits nearly tripled.
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