Residential Construction Drops in Florida
Despite signs that the construction industry is rebounding, the COVID-19 pandemic continues to negatively impact the industry. Nowhere is this more apparent than a staggering drop in residential construction in the Sunshine State. Contractors that work in this sector of this industry will need to do what they can to adapt or pivot in light of these findings. In this brief article, we discuss the decline in residential construction and what contractors can do to safeguard their future. For assistance protecting your business during these uncertain times, consult the Tallahassee construction lawyers from Cotney Attorneys & Consultants.
A Nationwide Problem
According to data published by the U.S. Census Bureau, there has been an unprecedented drop in residential building permits this April compared to April 2019. Specifically, 12,223 residential building permits were authorized this April (8,135 single units, 212 two units, 94 three and four units, and 3,782 five units or more). Compare that to the 14,518 residential building permits approved in April 2019, and you can begin to understand just how much of an impact the COVID-19 pandemic is having on Florida construction.
The above findings are dreadful but unsurprising considering the crisis our nation is facing. The Bradenton Times reported that “there was [nationally] a 20 percent decline in new housing units authorized by building permits, a drop that represents nearly $4.4 billion in value.” Although all stages of housing construction have been impacted, new residential building authorizations have taken a substantial hit. This is especially alarming considering the affordable housing crises affecting many parts of our country, including Florida.
In the Coming Months
Unfortunately, this may only be a sign of months to come. With a surge of new COVID-19 infections being reported across the United States and Florida, it’s likely that August, September, and beyond will also report a sharp decline in residential construction. If you are a contractor that works primarily in residential construction, it may be time to assess the health of your business and optimize your organization. Although we can’t stop a global pandemic, we can assist your company in these areas and provide essential legal services for an affordable, monthly price. For a legal team that will work tirelessly to protect your company’s future, partner with the attorneys at Cotney Attorneys & Consultants.
If you would like to speak with an attorney from one of the top Tallahassee construction law firms, 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.