Chief Economists at Associated Builders and Contractors (ABC) are confident that construction in 2019 will remain strong. Among the negatives mentioned by the organization though, were rising inflationary pressures and a continued shortage of a skilled labor force and single-family housing.
But a shortage in skilled labor has also meant a rapid acceleration of job growth and a shortage in single-family housing means loads of new housing construction yet needed. This scenario describes many places in Florida, but most notably Orlando Florida which topped the 25 largest metropolitan areas in the country with the fastest year-over-year job growth this past year (4.1%). Tampa, Florida was not far behind with notable year-over-year job growth at 2.5%.
To sum it up, the economy for the state of Florida is projected to expand at an annual rate 0.6% greater than the U.S. National average in 2019, and among the primary considerations for this is home construction. So keep those plans coming and keep swinging those hammers in 2019 – there’s no slow down projected in Florida any time soon.