11/5/2021 0 Comments New Residential Construction in Florida Through the First Seven Months of Fiscal Year 2021Florida home construction projects have made some headway over the past few years. In recent years, interest rates in the U.S. have remained relatively low which has resulted in more construction activity. More people are looking for affordable housing options, which is making real estate more affordable to average working class families. An attractive and safe home is also healthier, comfortable, and financially beneficial to a homeowner and reduces a homeowner's maintenance, repair, and utility costs. Between 1995 and 2021, Florida had an average of six hurricanes, all of which were severe, with at least two producing wind speeds of at least two hundred miles an hour. Areas that experienced significant hurricane damage during this period had the highest cost to homeowners when it came to home repair and replacement costs. A new study from Florida colleges and universities estimates that Florida home design and construction spending between now and 2035 could save up to $3.1 billion. The cost savings would be in large part realized by reducing the energy requirements of homeowners. Over the next several decades, the study projects that Florida home design trends will continue to improve and spend significantly less money on utilities and upkeep. Additionally, tropical storms and heavy rains will become less of a threat to properties in both northern and southern areas of the state. In terms of specific improvements to the cooling and heating systems of Florida residences, the most noticeable would be the new energy-efficiency features found in many new homes. Many builders are emphasizing energy efficiency when building homes as the federal government has mandated that a certain amount of energy must be saved for every dollar spent on construction. Existing homes also stand to benefit from the improved energy efficiency as the years go by and the trend continues to grow. The cost to electricity is dropping, as well. Florida, along with many other states, has seen a steady decline in the number of major power plants which leave a significant amount of energy in the air which must be transported to consumers. The study does not look into the impact of the global downturn on home construction and design in Florida, however. Overseas consumers have been affected just as much as home construction companies. In fact, over the past year, many overseas retailers have decided to cease doing business in the U.S., due to the high prices of imported goods. Currently, the numbers of people shopping for homes in the U.S. has risen for the first time since the housing crash of the past few years. This increase is helping to prop up the economy, which helps home construction spending in Florida. There are currently five licensed manufacturers and suppliers of new residential construction in Florida who are generating the most revenue. These companies include: Archway Corporation, Broadwater Builders, Cottonwood Development, Corel Corp., Dade Contractors, Fazio Development, Inc., and WPX Inc. The research also shows that there are currently no new permit applications pending for home construction in Florida. The five licensed developers have a total of eight permits for new residential construction in Florida during the month of June. There are a total of fourteen new permit applications in circulation for home construction in Florida during the month of July. The number of new permit applications for residential construction in Florida during the month of July was nearly twice the number of new permit applications filed in January of this year. The report indicates that these increases could be due to the fact that the state of Florida continues to recover from the devastating financial crisis. At the end of May, the state had the highest number of foreclosure cases in the nation. It is believed that the high number of foreclosures may have impacted the numbers of permit applications. If the numbers of new residential construction in Florida remain on track, then Florida will continue to experience an increase in new permit applications until the economy turns around.
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