From Staff
Northeast Florida and the rest of the state could soon face a shortage of new homes.
That’s what Anthony Crocco of Metrostudy sees on the horizon if building doesn’t ramp up.
The housing analyst spoke at the September meeting of the Northeast Florida Builders Association’s Sales and Marketing Council.
Inventory created by overbuilding from 2005-08 has been absorbed, and in the meantime, Florida’s economy and population continues to grow.
The rate at which new houses and apartments are being built now falls below what statistics say is needed, given current jobs growth and the influx of new residents to the state.
“Florida is at a cusp this year, where over the next three years our ability to build houses is going to be less than the number of people forming households and moving here,” Crocco said.
In Northeast Florida, about 5,500 homes are being built per year. The area needs 8,000 to 10,000, Crocco said.