Data compiled from city and county building departments by the Northeast Florida Builders Association for the greater Jacksonville area (Clay, Duval, Nassau and St. Johns counties) show an increase over the first two months of the year and a strong end to the first quarter.
Compared to the first quarter last year, the four counties show a 19 percent growth rate with 3,252 permits issued in the first quarter of 2004 and 3,865 in the first quarter this year. A portion of the increase is due to the inclusion of single-family attached housing in the data collection method.
Because of the increase in townhome and condominium construction activity, NEFBA now includes single-family attached dwellings (townhomes and condominiums) in the data collected. These data reflect the combined attached and detached single-family home permits issued.
Nationwide, sales of new single-family homes shook off a weather-related downturn in January as the February sales pace increased 9.4 percent to a seasonally adjusted annual rate of 1.226 million units, the U.S. Commerce Department reported.
“We expected a late-winter rebound,” said NAHB Chief Economist David Seiders. “Demand still outstrips supply in many areas, and buyer demand continues to be driven by favorable market fundamentals, including growing employment and household income, new household formations and historically low mortgage rates.”
Home sales were up in all regions for the month. Sales in the South rose by 9.0 percent. The inventory of new homes for sale was 444,000, a 4.4 months supply at the February sales pace.
Locally, the building industry is poised for another very good year, said Northeast Florida Builders Association President Bryan Lendry.
“Our continued steady growth is attributable to several factors,” Lendry said. “The economy here is strong and demand for new homes is driving the market. We did not experience the slowdown other markets faced so confidence remains strong.”
All four counties showed an increase over February’s numbers, with the greatest in Clay County at 71 percent growth. Duval County permits were 44 percent more than in February, Nassau County was 26 percent and St. Johns County was 8 percent.
CLAY COUNTY
March 2005/349
February 2005/204
2005 Total YTD/843
2004 Total/2,687
2003 Total/2,313
DUVAL COUNTY
March 2005/698
February 2005/485
2005 Total YTD/1,726
2004 Total/6,101
2003 Total/5,646
NASSAU COUNTY
March 2005/117
February 2005/93
2005 Total YTD/265
2004 Total/1,238
2003 Total/1,005
ST. JOHNS COUNTY
March 2005/377
February 2005/349
2005 Total YTD/1,031
2004 Total/3,610
2003 Total/3,002
Greater Jacksonville Area
(Clay, Duval Nassau and St. Johns counties)
2005 March/1,541
2005 February/1,131
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2005 Total YTD/3,865
2004 Total/13,636
2003 Total/11,976
2002 Total/10,618
2001 Total/9,075