A review of new permit data for residential construction in Florida during the first quarter of 2022
For more than seven years, new residential construction in Florida has reflected growth year-after-year, with annual increases ranging from 2 percent to more than 34 percent. From the start of this year (thru March), gains in Florida’s residential construction market are already evident, as there has been approximately a 12 percent year-over-year increase in new residential construction activity, resulting in 34,800 new permits on record with HBW.
Out of the six major regions reviewed (Central, West, Southeast, Southwest, Northeast, Northwest), Southwest Florida held the highest concentration of new residential construction activity (8,250 permits), as well as the most significant increase in new permits (26.5%+) in comparison to the same time last year.
Here is a closer look at the total permits, leading counites and YTD % change in new permits during Q1-2022:
As previously mentioned, Southwest Florida is currently the leading region for new residential construction as there are 8,250 new permits on record since the start of this year (thru March 2022), reflecting a marked 26.5 percent year-over-year increase in new home construction. Out of the five counties that make up the area, both Lee (2,423 permits) and Manatee (1,962 permits) carried more than half of all new residential construction permits, with year-over-year increases of 14 percent and 43 percent respectively.
Not far behind the southwest, the western region of the Sunshine State had nearly 8,210 new residential construction permits on record in the first quarter of this year, reflecting approximately a 13 percent increase in new home construction in comparison to last year. Out of the seven area counties reviewed, the following three counties carried the bulk of new construction activity: Polk County (2,318 permits); Pasco County (2,039 permits); Hillsborough County (1,944 permits).
In the northeastern region of Florida, there were more than 6,800 new residential construction permits added to the HBW database in the first quarter of this year, reflecting an 18 percent year-over-year increase in new home construction. Out of the eight counties that make up the area, more than half of all new permits originated from St. Johns (1,798 permits) and Duval (1,731), with each area reflecting year-over-year increases of 13 percent and 23 percent in new permits respectively.
Since the start of this year (thru March 2022), there have been 5,452 new residential construction permits added to the HBW database for Central Florida, reflecting just over a 20 percent increase in comparison to the same time last year. Out of the six counties reviewed, the bulk of new home construction could be found in the three counties of Orange (1,380 permits), Brevard (1,121 permits, and Lake (1,046 permits).
In the northwest, there were 3,135 new residential construction permits added to the HBW database during Q1-2022, reflecting approximately a 17 percent year-over-year decrease in new home construction. For the northwestern region of Florida, 18 counties were reviewed, including two neighboring counties in Alabama (Mobile and Baldwin), and more than half of all new construction took place in the three counties of Baldwin (648 permits), Washington (572 permits) and Escambia (482 permits).
During Q1-2022, there were more than 2,950 new residential construction permits added to the HBW database for the southeastern region of Florida, reflecting nearly an 11 percent year-over-year decrease in new home construction. Out of the seven counties that make up the area, St. Lucie County (1,242 permits) carried the greatest volume of new home construction, despite the 10 percent year-over-year decrease in new permitting activity.
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.