A review of the latest construction data pulled from permits in the HBW database for Florida during the months of January through September 2019
So far this year, new home construction in Florida is showing signs of growth in comparison to last year. From January through September 2019, there have been more than 64,100 new residential construction permits added to the HBW database for Florida, reflecting a year-over-year increase of 2 percent. Out of the six major regions reviewed (Central, West, Southeast, Southwest, Northeast, Northwest), half have experienced spikes in residential construction ranging from as low as 1 percent (Northwest Florida) to as high as 17 percent (West Florida). The area with the highest concentration of housing starts is West Florida (15,265 permits) which has already experienced a 17 percent year-over-year increase in new residential construction permits.
Here is a closer look at new home construction by area through Q3-2019:
Since 2015, residential construction has been climbing in West Florida with annual increases ranging from 6 percent (2015) to 23 percent (2017). As previously mentioned, the region continues to show gains in new home construction as there have been 15,265 housing starts and a 17 percent year-over-year increase in new permits since the start of this year. More than half of all new construction took place in two counties, Hillsborough and Polk. In Hillsborough County there have been 4,564 housing starts through the third quarter, reflecting a 10 percent year-over-year increase, and in Pasco County there have been nearly 4,200 housing starts, reflecting a 23 percent year-over-year increase in new home construction.
In the southwestern region of Florida there have been 11,610 housing starts since the start of this year (through September 2019), reflecting a 2 percent year-over-year decrease in new home construction. The counties with the highest concentration of new residential construction permits include Lee (3,370 permits) and Sarasota (2,315 permits), and the county exhibiting the most growth in new home construction so far this year is Charlotte County (1,372 permits) which has experienced an 11 percent year-over-year gain in housing starts.
New home construction in the northeastern region of Florida appears to be just about on par with last year. Through Q3-2019, there have been 10,789 housing starts which is in line with residential construction figures from 2018. More than half of all new construction in the region took place in the combined areas of Duval County (~3,290 permits) and St. Johns County (3,162 permits), and the county currently exhibiting the greatest percentage of growth in new home construction is Alachua County with a 76 percent year-over-year increase in housing starts.
Residential construction in Central Florida has slowed in comparison to last year. Through Q3-2019, there have been nearly 10,600 housing starts, reflecting a 7 percent year-over-year decrease in new home construction. Every county with the exception of Lake County (1,212 permits, +104%) is behind construction figures from 2018. The areas with the greatest concentration of new residential construction activity include Orange County (3,906 permits), Volusia County (1,940+ permits) and Brevard County (1,607 permits).
In the northwestern portion of Florida, there have been approximately 8,270 housing starts since the start of this year (Q3-2019), reflecting a slight 1 percent year-over-year increase in new home construction. Counties with higher levels of new residential construction permits include Santa Rosa (1,105 permits), Escambia (1,095 permits) and Bay (~1,030 permits), and areas reflecting significant growth include Leon County (+18%) and Wakulla County (+19%).
Since the start of this year (through Q3-2019), there have been approximately 7,580 housing starts in the southeast, reflecting a 2 percent year-over-year increase in new home construction. More than half of all residential construction activity originated from the counties of St. Lucie (~2,800 permits) and Palm Beach (1,530+ permits), and counties exhibiting the greatest year-over-year increases in new home construction include St. Lucie (+33%) and Indian River (+15%).
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.