New residential construction has been steady through the summer months with the exception of August, as there was a month-over-month uptick of 27%.
In August, new residential construction was on a high in the Sunshine State, the highest since the start of summer. With just about 5,600 new permits and close to $1.6B in construction value added to the HBW database, every major region from the top to the bottom of the state experienced a month-over-month increase ranging from 21% to 40%.
The Orlando area continues to draw many major businesses creating a demand for new residential construction. The Central Florida region was up a whopping 36% since July with 1,459 housing starts and more than $449M in total value. The bulk (nearly half) of new construction in the Orlando area took place in the central county of Orange. Orange County was also #1 in the state for the most housing starts on file for the given period.
Running a close second, the Tampa area was also up since July with a 21% increase in activity, 1,405 housing starts and more than $366M in construction value.
Moving further to the south, the southwest region of the state was also up having a month-over-month increase of 23%. In the southwest area there wasn’t a standout county for total new activity as new residential construction was widespread and dispersed somewhat evenly across all counties. Charlotte County was on the lower end of total housing starts (89 permits) while Lee County was on the higher end of the spectrum with 317 housing starts for the month.
There was a 21% spike in housing starts in Jacksonville in comparison to July. The northeast metro area had 924 housing starts for the month and close to $240M in total construction value. The county of St. Johns experienced the most housing starts (377 permits), while Putnam County saw very little new residential construction activity as there were only three permits on file for the area last month.
The southeast region of Florida continues to lead in average value of new construction, but the total number of housing starts is on the lower end for Florida. Although the area is lowest of the five major regions for total new permits, August was booming as the southeast experienced approximately a 40% month-over-month increase in housing starts. Out of the 633 new residential construction permits and $215M in total value on file with HBW, Palm Beach County maintained its lead for total housing starts in the area each month.
FL Total Residential Construction Permits – August 2016
When looking at the average value of housing starts, the five major regions of Florida have maintained the same rank/position through July and August. Although the average value of housing starts in the southeast dropped since July, the area is still #1 with an average value of $338,963 for August. Orlando, Jacksonville and the southwest region all experienced slight month-over-month increases in average value of housing starts with less than a $10k increase since July. The Tampa area has continued to be steady throughout the summer and ranked fourth highest for average value of new residential construction ($260,914).
FL Average Value of New Residential Construction – August 2016
When narrowing our focus to counties with the highest concentration of new residential construction, Orange County in Orlando has demonstrated strength with approximately a 45% month-over-month increase in housing starts and more than $250M in construction value last month. Hillsborough County in Tampa was second highest; with a 34% increase in activity in comparison to July, Hillsborough County had 545 housing starts and nearly $182M in construction on file with HBW for August. Up two spots since July and with more than a 37% month-over-month increase in starts, St. Johns County of Jacksonville ranked third highest with 377 new residential construction permits and more than $106M in total construction value.
FL Top Counties for Total New Permits – August 2016
Information utilized for the graphs and above listed figures for Florida residential construction was directly derived from HBW 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.