HBW Report: A monthly overview of Florida’s new residential construction permitting activity in March 2017.
Out of the more than 4,600 new residential construction permits on file with HBW last month, Tampa came out on top with close to 1,200 housing starts. During that same period, CNBC reported on Tampa’s impressive housing market as it currently holds the title of the “healthiest housing market in the U.S” (report based on inventory, construction and unemployment rates). The CNBC article, which referenced the latest housing market report conducted by TenX also noted that Florida has been recovering nicely from an economic standpoint; here’s a closer look at residential construction activity (by region) across the Sunshine State last month:
In addition to being referred to as the healthiest housing market in the US, Tampa had its best month since the start of the year during March. Although the area’s increase in housing starts was not much higher than February, the new residential construction activity has been increasing month-over-month. Out of the 1,194 housing starts in March, the County of Hillsborough saw the greatest concentration of starts, both in Tampa and across the state. With 464 housing starts for the one-month period, Hillsborough County experienced just over a 15% month-over-month increase in new residential construction. When looking at local builders, Lennar Homes took center-stage for activity, having approximately 165 new permits last month. The average value of new construction in Tampa ranked third highest at $262,442.
The southwestern portion of Florida was also bustling with new residential construction last month, ranking second highest across the state. Out of the more than 1,000 housing starts, the largest amount of new construction took place in Lee County (287 permits), while the least amount was in Charlotte County (72 permits). And while Lee County made the Top 5 List for housing starts statewide, Sarasota and Manatee counties held their own having a healthy level of new construction with 220 housing starts in each county. Out of home builders in the area, Lennar Homes had the most starts (95 permits) on file for the month. The average value of new residential construction in Southwest Florida ranked fourth out of five regions at $254,039.
Orlando was our focus in January as it had top position for new residential construction at the start of the year. While Orlando didn’t hold the lead in March, it certainly continues to flourish as there were 960 housing starts on file for the month. Additionally, Orlando’s incremental growth in construction value since the start of the year resulted in it surpassing Southeast Florida for the month, as it held the highest average value of residential construction statewide at $302,306. D.R. Horton and Lennar Homes led local builders for starts having 126 new permits and 122 new permits on file respectively.
Tampa wasn’t the only Florida city to make the previously mentioned top healthiest cities list. Jacksonville also made the top five based on the TenX report, and residential construction in the area has been climbing every month since the start of the year. In March, there were more than 775 housing starts on file for Jacksonville, reflecting approximately a 4% month-over-month increase. D.R. Horton had a strong hold on housing starts with 160 new permits for the month, and overall, the average value of construction in the area remained the lowest in the state at $234,101.
While the average value of construction dropped in the southeast last month to $278,391, the area experienced a month-over-month increase of more than 10% in housing starts resulting in 667 new permits added to the HBW database. The southeast has seen an increase in residential construction every month since January, and the county holding the greatest concentration of housing starts last month was Miami-Dade (214 permits). Just as in Tampa and the southwest, Lennar Homes took top spot in the southeast with 129 housing starts for the month.
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.