The number of new home building permits fell 38% in November, according to the Northeast Florida Builders Association.
A total of 698 permits were issued in Clay, Duval, Nassau and St. Johns counties in November, down from 1,132 in October.
The decline was expected, according to NEFBA executive officer Jessie Spradley.
It continued the up-and-down permit count pattern that began in June.
“Interest rates are in play to the fact that we are seeing that downturn nationally. It’s also seasonal. This time of year is when we see a slowdown in permits,” Spradley said.
“We also had that big bump in October and that was kind of unexpected. I think we are now seeing the backside of that with a slower November.”
Clay fell from 105 permits in October to 83 in November; Duval dropped from 498 to 345; Nassau fell from 97 to 44; and St. Johns dropped from 432 to 226.
In 2022, a total of 12,750 permits have been issued through November.
While that number is below the overall total of 16,138 permits in 2021, there is still one month remaining to complete this year’s tally. And it is more than the number of permits issued in any year from 2006-2020.
In 2005, a record 17,753 permits were issued.
“We’re now obviously on the downside. The question is, when does that start picking back up?” Spradley said.
“And that is something I don’t have the answer for. A lot of it is going to depend on the Fed and what they do.”
The Federal Reserve Board determines interest rates.