Boom or Bust: Florida’s Housing Market and the Construction Industry Part 1
Florida has enjoyed unprecedented growth in its population and housing market, ensuring plenty of work for contractors specializing in residential construction. But can this growth really last? Or has Florida’s booming housing market seen its best days?
In this two-part article, we will be discussing the Florida housing boom and its impact on the construction industry. The team at Cotney Attorneys & Consultants is dedicated to this industry and every aspect of construction law. Partner with our Central FL contractor lawyers to ensure that your interests are always protected.
Central Florida has experienced a population explosion in recent years. Orlando, Tampa, and, the Lakeland-Winter Haven area are among the fastest-growing areas in the country. People are flocking to the Lakeland-Winter Haven area, in particular, in an attempt to capitalize on job growth and low building costs. This area remains affordable and relatively rural for now, but Orlando and Tampa may soon be connected by continuous urban sprawl if the population continues to grow. Additionally, aging baby boomers are causing certain areas, like The Villages, to rapidly expand. Central Florida is proving to be a premier destination for baby boomers and younger generations alike.
South Florida homebuilding peaked in 2018. At the time, nearly 29,000 single-family homes, townhouses, and apartments were in construction in the Orlando area. This is an incredible recovery considering the Great Recession heralded the real estate market crash only a decade ago. Demand is especially high in the areas around Orlando, such as St. Cloud, Lake Nona, western Orange County, and Lake County. Builders are working not just on homes but also on infrastructure and businesses. The population influx has increased building demand along Interstate 4. Construction crews and projects are attempting to mitigate the congestion that I-4 is experiencing due to these growing pains.
It’s clear that construction in this area has boomed along with the population. As we’ve covered before, construction companies are often hard-pressed to meet labor demands. Under pressure, many contractors attempt to cut corners, leaving themselves susceptible to civil penalties and Occupational Safety and Health Administration (OSHA) investigations. To ensure that your construction business is meeting labor demands lawfully, consult with a Central FL construction lawyer at Cotney Attorneys & Consultants.
For more information on Florida’s housing boom, read part two.
If you would like to speak with one of our Central FL contractor lawyers, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.