A review of permit data on record with HBW for new residential construction in Florida during the first quarter of 2020
Over the last five years, new residential construction has been soaring in Florida year-after-year, with annual increases ranging from 2 percent to 14 percent. At the start of this year, gains in Florida’s residential construction market are already evident, as there has been a 22 percent year-over-year in housing starts from January through March 2020, resulting in 23,930 new permits on record with HBW.
Out of the six major regions reviewed (Central, West, Southeast, Southwest, Northeast, Northwest), West Florida held the highest concentration of new residential construction activity (5,684 permits), while the northwestern region of the state exhibited the highest increase in new permits (48%+) in comparison to the same time last year.
Here is a closer look at the total permits, leading counites and YTD % change in new permits during Q1-2020:
As previously mentioned, West Florida is currently the leading region for new residential construction as there were 5,684 housing starts since the start of this year (thru March 2020), reflecting a significant 29 percent increase in new home construction in comparison to the same time last year. Out of the seven area counties reviewed, three counties carried the bulk of new construction activity: Polk County (1,640 permits); Hillsborough County (1,623 permits); Pasco County (1,310 permits).
In the southwestern region of the Sunshine State, there were more than 4,800 housing starts in the first quarter of this year, reflecting just over a 29 percent increase in new home construction in comparison to last year. Out of the five counties reviewed, both Lee (1,573 permits) and Sarasota (1,018 permits) carried the bulk of new residential construction permits, with year-over-year increases (YTD-Q1) of 44 percent and 33 percent respectively.
In the northeastern region of Florida, there were 3,880 housing starts in the first quarter of this year, reflecting a 22 percent year-over-year increase in new permits on record with HBW. Out of the eight area counties reviewed, more than half of all new residential construction permits originated from Duval (1,308 permits) and St. Johns (1,009). While Duval County is significantly ahead of last year’s figures for new home construction (+58%), St. Johns is falling just behind with a 7 percent decrease in new permits in comparison to the same time last year.
Since the start of this year (thru March 2020), there have been 3,580 housing starts in the Orlando area, reflecting just over an 8 percent increase in new home construction in comparison to the same time last year. Out of the six major counties reviewed, Orange County held the highest concentration of new residential construction activity (1,094 permits), despite the fact that it experienced a 19 percent year-over-year decrease in new home construction. On the opposite end of the spectrum, Lake County is currently exhibiting a major spike in new home construction with a 213 percent year-over-year increase in new residential construction activity (Q1-2020), resulting in approximately 725 new permits on record with HBW for the three-month period.
In the northwest, there were more than 3,360 housing starts during Q1-2020, reflecting approximately a 48 percent year-over-year increase in new home construction. For the northwestern region of Florida, 18 counties were reviewed, including two neighboring counties in Alabama (Mobile and Baldwin), and more than half of all new construction took place in the three counties of Baldwin (699 permits), Santa Rosa (613 permits) and Escambia (445 permits).
During Q1-2020, there were approximately 2,620 housing starts in the southeastern region of Florida, reflecting a 3 percent decrease in new home construction in comparison to the same time last year. Out of the seven counties reviewed, St. Lucie County carried the highest volume of housing starts (1,009 permits) and surged ahead of the previous year with a 21 percent year-over-year increase in new home construction.
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.