Out of the 4,400 new residential construction permits on file for Florida with HBW last month, Tampa and Orlando took the lead for the most housing starts in June.
Although we have consistently seen the Orlando area leading in new residential construction in recent months, Tampa definitely shined in June as the metro area had nearly 1,200 housing starts on file with HBW for the month. Although very close to Orlando’s 1,131 housing starts in June, Tampa has recently made headlines as a star among Florida communities. According to a new report from Wells Fargo Securities, the Tampa area is exceling in population growth, employment, tourism and apartment completions (source: Tampa Bay Business Journal).
Orlando continues to grow and gain ground as a hot spot in Florida as well. A recent report by the Associated General Contractors of America notes that while construction employment is struggling nationwide, the metro Orlando area has managed to keep its job rate high. The area ranked sixth nationally and second nationwide for construction employment (May 2015 to May 2016). With a 16% increase in construction jobs for the year-over-year period, it is no surprise that the Orlando area came in second highest in the HBW database for new residential construction in June. With 1,131 housing starts and close to $331.5M in new construction last month, Orlando came out on top with the highest total residential construction value of any area in the state. Orange County continued to lead in total new residential permits, in both Central Florida and statewide.
When taking a look at the average value of construction, Orlando came in second behind the southeast region of the state. Southeast Florida has consistently held a higher average value of home construction, and the area had an average value of $363,954 in June. Orlando followed with an average value of $293,025, while Tampa was third highest with an average value of $262,199. The southwest region and Jacksonville held the lowest average values with both close to $245k.
As previously mentioned, Orlando’s Orange County held the largest amount of new home building activity for the month. Orange County was #1 for total new permits with 521 housing starts and more than $177.3M in construction. A newcomer to the top 5 list is Pasco County in the Tampa area. Pasco County was second in the state for housing starts with 508 new residential construction permits and nearly $117.2M in total value. Also in Tampa, Hillsborough County was third highest last month with 392 permits and more than $125.5M in construction value. The southwestern county of Sarasota jumped up four spots from May to #4 in June with 314 housing starts, while St. Johns County in Jacksonville closed the list at #5 with 272 starts.
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.