On a national scale, the Census Bureau indicated that single-family home starts rose slightly in September compared to August, even though the overall rate of building permits and housing completions demonstrated a decrease. National single-family authorizations were up by a modest 0.3% month-over-month, but the total number of building permits was down by 5.7% year-over-year. This decrease in permits reflects a cooling trend in both multi-family and single-family sectors nationwide – a pattern that Florida mirrors in some areas (more details coming in our quarterly report).

These trends suggest that while demand exists, economic uncertainty—especially regarding future interest rates and the upcoming election—has many potential buyers and builders taking a wait-and-see approach. Builders face further challenges with high material costs, which restrict pricing flexibility and limit builders’ ability to offer lower prices.

When it comes to the latest permit data available for Florida, the HBW database shows that there were approximately 7,670 new residential construction permits with a total value in excess of $2.5 billion in the Sunshine State for the month of September. Out of the five regions reviewed (Orlando, Tampa, Southwest, Southeast, Jacksonville), the southwestern region (2,192 permits) carried the greatest volume of new residential construction activity, while the highest average value of new home construction could be found in the southeastern region (average value: $411,602).

Here is a quick look at new residential construction data on record with HBW for Florida during the month of September 2024:

Southwest

As previously noted, the southwestern region of Florida carried the highest volume of new home construction last month, having 2,192 new permits with a total construction value of nearly $617 million. The average value of new home construction in the area (average value: $281,403) landed on the lower end of the spectrum in comparison to other Florida regions reviewed, and well more than half of all new residential construction permits originated from the counties of Lee (858 permits) and Manatee (461 permits).

Orlando

Last month, there were approximately 1,685 new residential construction permits with a total value in excess of $652.5 million in the Orlando area.  The average value of new home construction in Orlando (average value: $387,720) landed on the higher end of the spectrum in comparison to other Florida regions reviewed, and the counties with the greatest concentration of new home construction activity were Osceola and Brevard, with 438 and 366 new permits on record respectively.

Tampa

In Tampa, there were more than 1,455 new residential construction permits with a total value of approximately $465 million on record with HBW last month. The average value of new home was $319,342, and the bulk of new permits originated from the two counties of Polk (696 permits) and Hillsborough (269 permits).

Jacksonville

In Jacksonville, there were 1,350 new residential construction permits with a total value of approximately $372.3 million last month.  The average value of new home construction was lowest in Jacksonville (average value: $275,766) in comparison to other regions reviewed, and the majority of new permits originated from the two counties of St. Johns (458 permits) and Duval (426 permits).

Southeast

Last month, the southeastern region of Florida had close to 1,000 new residential construction permits with a total value in excess of $406.2 million added to the HBW database. The average value of new home construction was highest in the southeast (average value: $411,602) in comparison to other Florida regions reviewed, and more than half of all new home construction took place in the two counties of St. Lucie (317 permits) and Miami-Dade (251 permits).

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.