By Reed Anfinson
Publisher
Swift County Monitor-News
Among the most challenging and potentially expensive economic development efforts all rural communities face is providing adequate housing for employees of local businesses and industries.
That problem has worsened dramatically in the past year in many ways due to the COVID-19 pandemic.
Historically low mortgage interest rates and the pandemic caused single-family housing starts to increase by 30 percent in 2020 over 2019. However, housing starts have hit a hurdle that not even low-interest rates can deal with easily.
The National Association of Home Builders says the average new home price increased by $24,386 over the past year. Lumber, for which there is now a significant shortage, led the way, nearly doubling since April 2020. Delivery of home appliances and furniture can take more than six months.