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St. Augustine builder sees slowdown in 2023 but remains optimistic - Jacksonville Business Journal

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St. Augustine builder sees slowdown in 2023 but remains optimistic

Finishing off what has been the best year in company history, MasterCraft Builder Group President and FounderThat does not mean he anticipates any kind of collapse in the industry. That means that even as he scales back expectations, Shee said his top priority is to keep his team of about 40 employees together because he feels activity will bounce fairly quickly.

This year, MasterCraft will close on about 120 homes. Shee expects to sell around half of that total next year, due mostly to the slowdown caused by interest rate increases. "It wasn’t until this year that things started stabilizing — labor stabilized, lumber costs came down. We were all very optimistic, and then interest rates hit us. It has really crippled our industry."

"We’re undersupplied on housing on national level and a local level. Everyone’s that’s buying homes is living in them."Rob Dietz, chief economist at the National Association of Home Builders, said most builders are thinking"this is going to be a moderate downturn,” he said in an October post on Bankrate.com.

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