With a month-over-month increase of 25%, Florida residential construction saw spikes in all regions across the state during the month of May.
While all of us expect to see fireworks this holiday weekend, not everyone was planning for the fireworks happening in Florida’s booming residential construction market. In May, there were 6,125 housing starts with a total value of approximately $1.7B throughout the Sunshine State (25% month-over-month increase). Out of the hundreds of active builders contributing to the rise in activity, Lennar Homes and D.R. Horton took the lead for having the most residential permits on file with HBW for the given period.
Although all regions reviewed (Tampa, Orlando, Southwest, Southeast, Jacksonville) exhibited impressive month-over-month increases ranging from 8% to 42%, Orlando was in the spotlight for its construction growth since April; as a result of a 42% month-over-month increase in new residential construction, Orlando moved up one spot in rank to #2 for total permits with nearly 1,500 housing starts and more than $445M in total construction value. Additionally, Orlando ranked highest for average value of construction at nearly $300k.
The Tampa area was also noteworthy, as it continued to hold its lead as the number one spot for housing starts. In May, there were more than 1,600 housing starts with a total construction value in excess of $427M in Tampa, reflecting a month-over-month increase of just over 30%. The county of Hillsborough (Tampa) ranked second statewide for total housing starts having 577 new residential construction permits with a total value of approximately $190M on file.
Other areas reviewed were ahead of April as well… Having an 8% month-over-month increase in residential construction, the southwest region ranked third highest for total housing starts (1,242 permits) for the month. Not far behind, Jacksonville experienced a healthy spike of 23% in housing starts resulting in more than 1,000 new permits and approximately $246M in total construction value. And while the southeast region experienced less housing starts than all other areas, it was still ahead of April by 20% having 760 new permits and more than $210.5M in construction on file with HBW for the month.
Here’s a detailed look and comparison guide for new residential construction in each Florida region during the month of May:
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.