Out of the nearly 5,000 new residential construction permits in Florida that were added to the HBW database last month, Orlando and Southwest Florida continued to lead for total housing starts.
The HBW database is teeming with new permits and leads. In October alone, there were 4,855 housing starts with a total value of nearly $1.4B in Florida. Out of the five major regions across the state (Orlando, Tampa, Jacksonville, Southeast, Southwest), the Orlando area and southwest region had the greatest amount of new construction activity. Orlando was on top last month, having the most total new residential construction permits out of the regions reviewed. In Orlando, there were 1,250 housing starts with a total construction value greater than $360M. Close behind, the southwest portion of the state had 1,219 housing starts with a construction value of nearly $326M. Next in line, Tampa experienced a healthy amount of new construction last month as there were 1,081 housing starts with a value of nearly $293M.
Although the southeastern region of Florida had less housing starts than other parts of the state, the area continues to have the highest average value for new residential construction. In October, the average value of new residential construction in the southeast was $372,419. This brings southeast Florida markedly ahead of the pack when it comes to the average value of new home construction. The next highest average value of housing starts can be found in Orlando. In October, the average value of new residential construction on file was $288,355. Not far behind, Tampa was third highest with an average value of $271,042.
Since our last monthly review of Florida in August, the counties with the highest concentration of housing starts have remained at the top of the list with a few variances in position. Along with being some of the larger counties both in population and area, the top counties were primarily in the areas of Orlando, Tampa and the southwest portion of the state. Orange County (Orlando) continues to boom with new residential construction; last month there were 622 housing starts with a total value of nearly $200M. Hillsborough County in Tampa is also gaining in construction. In October it ranked second highest for total housing starts with 416 new residential construction permits and more than $139M in total value added to the HBW database. In the southwest region, Lee County held strong with 336 housing starts and close to $92M in value. Neck and neck, Osceola County (Orlando) and Collier County (SW) tied and were positioned in the top five with 280 housing starts each.
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.