4 Factors Influencing the Florida Construction Boom
The 2008 recession hit nearly every industry, tanking job availability and salary rates with it. As the economy recovers, the construction industry continues to dominate job growth with Florida leading the way. The following are several factors that influenced Florida’s successful growth in the construction industry:
- Multi-Family housing boom. As more baby boomers reach retirement age, they’re looking for simpler upkeep than a single family home demands (i.e. lawn care, appliance maintenance, etc.). This means a dramatic upswing in demand for condos, apartments, duplexes, and other multi-family structures. Millennials further increased this demand due to their proclivity to rent rather than own property.
- Mixed-use properties. Neglected spaces in cities ranging from Tampa to Miami are undergoing a metamorphosis of sorts. Rather than sitting disused, contractors are transforming empty lots into useable spaces. These reclaimed spaces are used for residential, commercial, entertainment, and cultural purposes. The idea is to create a city that is as intriguing as it is functional due to its walkability.
- Increased demand for healthcare and educational real estate. Florida residents span from retiring boomers to growing millennial families, signaling a need for more healthcare facilities and more schools. As boomers continue to age, they will need increased care. In a similar manner, as millennials begin and continue to grow their families, their children will require more school buildings.
- Non-residential construction. Florida sees more tourists than the average state due to its numerous beaches and attractions. Despite a nationwide uptick in online shopping and delivery, non-residential real estate continues to thrive in Florida. Retail and restaurants perform particularly well since the state sees a steady rotation of travelers.
Construction continues to be in high demand in Florida; however, with more work comes greater risks. Contact the experts at MMA Florida to learn how we can help your construction company navigate these challenges.