Construction Continues to Boom Nationally

I recently read an article in South Florida Agent Magazine, which gave a synopsis of a report by OMNIS Panels analyzing 368 permit-issuing municipalities across the country. It looked at their figures from the first half of 2020 and 2021 and found a very steep increase in the amount of new construction housing being built nationwide. Per the article, "Nationally, the number of building permits issued increased 36% for all sizes of residential projects. Permits for single-family homes rose by 30%, while large buildings containing five or more units increased by 21%. In addition, the value of newly constructed single-family homes increased by 7%."

In the era of Covid, where we have continually heard about labor and supply challenges, it is not surprising to me that prices have gone up. With the tremendous demand for housing in South Florida, it is no surprise that the study found that the value of new-construction single family homes in Miami, Ft. Lauderdale, and Pompano Beach was up 23% year over year. That is quite the increase and it has led to our part of the country topping the list for the biggest construction value increase nationally.