A review of HBW’s Building Activity Trend Report for new residential construction in Florida through the second quarter of 2019
Based on the latest “Building Activity Trend Report” available from HBW and covering new residential construction permits, overall new home construction in Florida has been holding steady since the start of this year (in comparison to 2018). Since January 2019 (thru June 2019), there have been approximately 40,600 new residential construction permits added to the HBW database for the Sunshine State, which is in line with figures from the previous year. And while there were year-over-year decreases in residential construction for most regions reviewed, the growth in West and Southeast Florida pulled statewide figures up to be somewhat even with last year.
Out of the six major regions reviewed (Central, West, Southeast, Southwest, Northeast, Northwest), West Florida appears to be booming in new home construction and exceeding the norms. Over the past five years, the area has experienced annual increases in residential construction ranging from as low as 6 percent to as high as 23 percent, and the growth pattern has continued so far this year. From January through June, there have been 9,678 housing starts in West Florida, reflecting a 14 percent increase in comparison to last year. Growth and high concentrations of new home construction permits could be found in Hillsborough County (2,821 permits) which is up 6 percent in comparison to last year, and Polk County (2,636) where there has been an 18 percent year-over-year increase in new residential construction permits.
Continuing in the western region, Southwest Florida ranked #2 for total new permits, having 7,425 new permits added to the HBW database through the second quarter. While the area is on track and in line with last year’s figures, the southwest region of Florida has experienced annual spikes in residential construction year after year since 2015, and for this reason, it will certainly be an area to watch over the next six months.
Here is a look at all six regions reviewed, total permits added to the HBW database for the given period and changes (%) in comparison to last year:
To gain more information on the builders, homeowners and permits for the construction activity above, check out HBW for your copy of the latest construction data reports. To gain access to the HBW database and receive custom and detailed reports on the latest residential and commercial building activity in Florida, Georgia, Texas, Alabama, and Oklahoma, please contact HBW for details.