Florida experienced more than a 55% month-over-month increase in new residential construction in December, resulting in nearly 4,300 new permits on file with HBW.
FL Residential Construction – Jan thru Dec 2016
Out of the approximately 4,300 new permits and $1.2B in construction value added to the HBW database for Florida last month, the southeast, southwest, Orlando, Tampa and Jacksonville areas all experienced major increases in new residential permitting activity since November. In December alone, there was a 55% month-over-month increase across the Sunshine State, and Tampa took the lead having 1,103 housing starts and approximately $294M in construction value. In Tampa, the greatest number of housing starts (more than half) took place in the counties of Hillsborough (371 permits) and Polk (323 permits), and across the entire metro area there was a 67% spike in starts in comparison to November.
Just under Tampa and up 55% since November, the southwest region of Florida had 966 housing starts with approximately $265M in total value added to the HBW database. In the southwest, the highest concentration of new residential construction permits could be found in Lee County (318 permits), while the highest average value of new residential construction was in Collier County, with an average value of $321k.
Just as in Tampa, the Orlando area also had a 55% increase in housing starts on file since November. During the month of December, there were 925 housing starts and more than $269M in total construction value. According to Zillow’s latest press release listing the 10 Hottest Housing Markets of 2017, the City of Orlando ranks #4 nationwide, with a forecasted home value appreciation of 5.7%. (source: Zillow) . Housing starts are also hot in Orlando and continue to be highest in the more central areas of the city, with 40% of housing starts taking place in Orange County last month.
FL Total Residential Construction Permits – Dec. 2016
The area that had the greatest month-over-month increase was Jacksonville (+69%). Out of the 813 new residential construction permits with a value in excess of $187M in Jacksonville last month, the counties of Duval and St. Johns had the greatest amount of new construction activity as more than half of all housing starts on file were sourced from there.
Although the southeast portion of Florida had the least amount of housing starts in comparison to other regions throughout the state, it experienced an impressive 49% month-over-month increase resulting in nearly 490 housing starts with approximately $172M in total value. St. Lucie and Palm Beach counties had the most residential construction activity with 148 permits and 125 permits respectively. As per usual, the southeast region held the highest value of new residential construction last month at more than $351k.
When looking at the average value of residential construction throughout the state, the lineup has remained somewhat consistent every month. As previously mentioned, the southeast continued to hold the highest average value of housing starts at $351,081. Orlando held in second highest with an average value of $290,905, while the southwest region was not far behind at $274,519. Tampa was next in line with an average value of $266,627, and Jacksonville continued to hold the lowest average value for new residential construction at $230,374.
FL Average Value of New Residential Construction – Dec. 2016
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.