A review of new residential construction permits in the HBW database for Florida through Q3-2018
New residential construction in Florida has been on a consistent climb for the past three years, and through the third quarter of this year, the pattern remains the same as the Sunshine State continues its annual climb with a 14% year-over-year increase in housing starts so far this year. Through the third quarter, there have been more than 62,800 housing started throughout the six major regions reviewed (Central, West, Southeast, Southwest, Northeast and Northwest), and every area is reflecting healthy growth.
The area with the greatest total number of new residential construction permits on file for the 9-month period is West Florida. Having experienced a 7% year-over-year increase in housing starts through Q3, there have been more than 13,050 new permits added to the HBW database for the area.
Next in line is the southwest region which ranked second highest for total housing starts through Q3. New residential construction in Southwest Florida has reflected growth every year for the last five years, and this year is no exception. Through the third quarter of this year, the southwest has experienced a noteworthy year-over-year increase of 21% in housing starts, resulting in more than 11,880 new permits added to the HBW database.
Looking at Central Florida which has had significant increases in new home construction for the last four years, housing starts have continued to increase, but the rate of growth appears to be slowing. Since 2015, Central Florida has experienced annual increases ranging from 11% to 25%. So far this year (thru Q3), the area is ahead of last year’s figures by a smaller margin (2%). While slower, residential permits are still growing in the area each year, and through the third quarter of this year, there are already more than 11,500 new residential construction permits on file with HBW.
In the northeastern region of Florida, new home construction has been experiencing remarkable growth year after year, and the area is ranked #1 for rate of growth in housing starts so far this year. Through Q3, there has been a 26% year-over-year increase in new residential construction permits in the northeast, resulting in more than 10,800 housing starts. Additionally, the area is on track for surpassing permit totals for higher value construction (total value > $500k) by the end of this year.
When looking to the northwestern portion of the state, residential construction has been on the rise annually since 2015. Through the third quarter of this year, the northwest reflects a 16% year-over-year increase in housing starts which resulted in approximately 8,160 new residential construction permits for the given period.
Another area that has been exemplary in growth is the southeast region. Through Q3, the southeast is already ahead of last year by 22%, resulting in approximately 7,400 new residential construction permits on file. It is also an area that is on our radar for higher value construction (construction value >$500k) and on target for surpassing higher value starts from last year.
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.