Article after article boasts construction as the prime example of an industry recovering after the 2008 recession. And within this impressive feat, Florida leads the pack on construction job growth. Only in 2016, Florida had the highest job growth of any state, with 22,300 jobs added during the year according to an analysis by the Associated General Contractors of America (AGC).
So what makes our state so special? As the construction industry continues to lead the pack on post-recession recovery – especially in Florida where the recession hit pretty hard – here are a few important trends that are helping restore the sunshine in our local industry.
From our very own Tampa Bay to West Palm Beach to Miami, our sunny state is flourishing with impressive transformations of neglected areas into urban and cosmopolitan mixed-use developments. Mixed-use developments blend residential, commercial, cultural, institutional, or entertainment uses, physically and functionally integrating all of these components and connecting them with strong pedestrian access. Basically, a walkable city within a city.
Our very own Water Street Tampa, West Palm Beach’s Old City Hall and the Miami Worldcenter project are giving a much-needed facelift to central areas and injecting billions of dollars to our local market.
Condo And Multi-Family Housing BOOM
What do millennials and baby boomers have in common? Florida. Fueled by retirees’ desire to simplify their lives by eliminating single-family home upkeep, one of the strongest millennial growth trends in the country and their tendency to rent vs. own property, condo and multi-family housing in Florida have experienced a boom in the last few years. Let’s thank our retirees and young professionals for this one.
Private Non-Residential Construction
To continue serving the revolving door of tourists and expanding residents, many private non-residential spaces are looking to update their look. There’s also a need to keep patrons walking through their doors in the age of online shopping and delivery services.
In fact, according to a study published in January 2018, the private non-residential construction segment has grown faster in Florida than at the national level. Lead by the retail and restaurant sectors, many buildings that have been around for a long time are modernizing and streamlining their operations to be more effective, efficient, and sustainable.
Increased Healthcare And Educational Demands
Florida’s increasing population and growing economy demand ongoing development in many other areas of the construction industry, such as healthcare and education. According to Buildings.com, the market segment consensus growth forecast predicts a 7.8% increase in healthcare facilities and a 5.8% increase in educational institutions in 2018.
To satisfy the demand for more schools and training facilities that new communities produce, Florida recently invested $1.5 billion in the construction of state schools. There are also private educational institutions investing in the state, such as Nova Southeastern University’s new multi-million-dollar Clearwater campus, that is set to begin construction this year.
These are good times to do what we do, my friend. If you’re considering building or remodeling your commercial property in the Tampa Bay area, the time to act is now. Contact us today and let’s get your project started.