Florida Sees Record Growth in Residential Construction, Second Only to Texas
The Sunshine State is shining brighter than ever when it comes to residential construction, with Florida breaking records for growth in building permits. According to new data from real estate software company Point2 Homes, Florida saw a 38% increase in residential building permits since 2019, ranking second in the country with over 212,000 permits issued in 2022.
St. Petersburg, in particular, is experiencing a construction boom, with the city’s building official confirming record growth in construction projects. From high rises to multifamily homes, single-family residences, and businesses, St. Pete is seeing a surge in development and redevelopment efforts.
One notable project in the city is the Residences at 400 Central, a high-rise residential building that is set to become the Gulf Coast’s tallest structure. With 301 condos spread across 46 stories, the project is a testament to the city’s growth and development.
Overall, St. Petersburg has nearly 40 residential projects currently underway, showcasing the city’s robust construction industry. The city’s data reveals a steady increase in building permits over the years, with 2022 already issuing 16,500 permits in the first four months alone.
The construction boom in Florida is attributed to various factors, including taxation benefits, a strong job market, and increased demand for affordable housing. With smaller homes becoming more popular due to cost considerations, the state is witnessing a surge in residential construction projects.
Despite the record growth, St. Pete had to reduce permit fees due to an excess of revenue in the building department’s reserves. This move reflects the city’s commitment to supporting continued development while ensuring financial sustainability.
Suffolk Construction, the company behind the Residences at 400 Central, is just one of many firms capitalizing on Florida’s construction market. With numerous projects across the state, primarily focused on high-rise residential buildings, the company is meeting the demand for housing as more people move to Florida.
The construction industry in Florida is thriving, with cities like St. Petersburg leading the way in growth and development. As the state continues to attract new residents and businesses, the demand for housing is expected to remain strong, fueling further construction projects and economic growth.