Homebuilding in Florida has boomed in recent years, but growth in residential real estate construction is slowing. Gains in single family permitting have moderated, with issuance in first quarter 2006 up slightly less than 4 percent from a year ago, well below the average pace of growth during the first half of the decade. Home price appreciation over the past year also has leveled off, while home sales have declined. In particular, weakness is emerging in several metropolitan area condominium markets where prices have fallen and inventories are increasing.
During the first half of this decade, Flagler, Sumter, and Walton Counties, Fort Myers, Vero Beach, and portions of Jacksonville had the greatest increase in new homes. Rapid growth may make these markets particularly vulnerable to the effects of a housing slowdown.
Robust growth in housing markets helped propel Florida’s economy between 2001 and 2005 as the real estate-related sector generated nearly 200,000 jobs. However, to the extent that Florida job growth depends on real estate-related employment, a slowdown in housing would moderate the overall pace of economic growth in the state.
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