The market crash of 2008 had a severe impact on our economy. In that year and the years to follow the housing market was not doing very well. Today the demand for houses and lots to build on is more than the supply. In order for a lot to be ready for a house it takes over a year to have everything installed and pass all of the inspections. From 2009-2011 the number of multifamily permits was about half (677) of the 15 year average (1300). Silent generation was born between 1925-1945. There are about 35.2 million which is 11% of the population. Baby boomers were born during 1946-1964. They have 80.3 million people alive which is 25% of the population. Generation X was born between 1965-1979. They have 40.9 million people which is 13% of the population. And last but not least we have the millenials (generation Y, echo boomers) who were born from 1980-1999. There are 86 million of them which is 27% of the population. Baby boomers drove the economy from the 1980’s through the 1990’s, then the millennials took over and will have a significant impact on future spending. Millennials were born between 1980-1999 and it is forecasted that there generation will spend $2.45 trillion by 2015 and $3.39 by 2018. One reason for this is because the unemployment rate continues to drop and as that happens more young adults are packing up and moving out of their parents houses and into a place of their own.
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