New residential construction in Florida had a boost last month with a 19% increase in activity in comparison to January.
Florida has gained some forward momentum since the start of the year. With nearly 4,800 housing starts on file with HBW for the month of February and a total construction value in excess of $1.4 billion, Florida residential construction activity increased last month in all areas from Jacksonville to South Florida. Although the southwestern portion of the state has led residential permitting totals in recent months, Orlando took the lead last month with an 18% increase in residential construction activity since January. Orlando held the top spot for total starts and total construction value with 1,162 permits on file for the month and a total value in excess of $356.6 million.
Not far behind, the southwestern region of Florida experienced a 12% increase in residential construction since January, with 1,149 housing starts and a total value greater than $320.6 million. On the heels of SW Florida, Tampa’s 6% increase in new residential construction activity positioned it in third, with 931 housing starts and more than $251.1 million in total value. Although Jacksonville and SE Florida held fourth and fifth for total permits, both areas experienced the greatest increases in residential construction activity for the month. Jacksonville was up by 38% with 874 permits and a value of more than $206.5 million, and the southeastern region saw a massive 55% increase in activity with 672 new permits and nearly $272.5 million in total construction value.
When looking at the average value of new residential construction in Florida last month, SE Florida stands out on top with an average value of $405k. Orlando held strong in second with an average construction value of nearly $307k, while SW Florida was third highest with an average value of approximately $279k.
Using HBW reports for a more detailed breakdown of new residential construction in Florida, we are able to identify the counties with the greatest concentration of activity last month. Areas like Jacksonville that didn’t lead for total starts have counties that are standouts and in the top 3 when compared to counties across the state. Orange County (Orlando) experienced a 15% increase in activity since January and continued to hold the number one spot with 520 housing starts and a total value of approximately $178.3 million. St. Johns County in Jacksonville held the second highest for total permits with 334 housing starts (a 25% increase since January) and more than $90.5 million in total value. Duval County’s (Jacksonville) impressive 42% increase in activity resulted in a jump from #8 to #3 with 310 housing starts and more than $55.2 million in total construction value. The southwestern portion of Florida took fourth and fifth as Collier County had 298 starts (total value: $121.4M) and Lee County had 293 starts (total value: $72.6M).
Information utilized for the graphs and above listed figures was directly derived from HBW builder data reports. To gain access to the HBW database and receive custom and detailed reports on the latest building activity in Florida and beyond, please contact HBW for details.