As you probably already know, the COVID pandemic has radically changed the housing market in the U.S., most notably in Florida, and the “booming” construction in Florida is proof that it isn’t just for snowbirds and tourists anymore. Rather, people are finding the allure of Florida’s growing economic opportunities, weather, and fairly low cost of living.
Approx. 240,000 people have relocated to Florida between July 2019 and July 2020, according to U.S. Census Bureau data; that has since been steadily increasing through 2021 and 2022.
It is estimated that there were 179,000 single-family housing starts in 2021 and approximately 160,000 in 2022, according to a report released by the University of Central Florida.
These are all positive signals for real estate development across nearly every construction sector. This large migration to Florida along with Florida’s strong economy is also increasing the need and demand for more schools, medical centers and hospitals, retail options, restaurant, and dining spaces, and neighborhood cultural and recreational buildings.
Jacksonville is the #1 in Florida’s Recent Population Growth
Jacksonville is attracting many people from all over the country, especially from regions with colder climate. Census data shows that Jacksonville had the 15th largest population growth in the country over the last decade, adding about 90,000 residents in the span of 10 years. Jacksonville now has a population of 911,507 residents, which is right below Austin just above Charlotte, N.C. Despite this large population growth, the cost of living in Jacksonville has remained low, with statistics showing that housing costs are 11% less than the national average and a whopping 38% lower than Miami.
Construction activity location analytics in Jacksonville, Florida from Geospex™ by BCI BuildCentral*
Large Tech & Finance Companies are Moving to Miami, FL
Top tech and finance companies like Blackstone Group and Starwood Capital Group are moving to Miami, Florida. Even Goldman Sachs is relocating their asset-management division to Miami. On top of that, because of Florida’s low commercial costs and lack of state income tax, several Silicon Valley leaders have left California.
Although Miami’s tourism has decreased since the pandemic, hospitality is still strong. The Predictions from the University of Central Florida indicate that leisure and hospitality services are still expected to have the strongest job growth over the next 3 years, with an average of 4.8%. This shows us that Miami’s future looks very promising.
Construction activity location analytics in Miami, Florida from Geospex™ by BCI BuildCentral*
Orlando is One of the Most Desirable Places to Live in Florida
With attractions like Disney and Universal, Orlando has always been a popular summer destination, especially for families with small children. Census data indicates that over the past decade, more than 390,000 people have moved to Orlando, meaning that the city’s growth rate from 2010-2020 is almost 24%. This city is also a large hub for medical systems and hospitals including AdventHealth locations and the Orlando Regional Medical Center, which offers job security for those who work in the industry, while providing greater healthcare options to the Orlando community itself. All of this confirms that Orlando is establishing itself as the hub of central Florida as the population and real estate development continue to increase.
Construction activity location analytics in Miami, Florida from Geospex™ by BCI BuildCentral*
CONCLUSION:
Florida is no longer just the state where senior citizens go to retire. As a result of the COVID pandemic, the way people work and operate businesses has evolved, and with the recent economic trends, Florida has become very enticing to young professionals, families, and even large corporations.