According to David Rivenbark, an associate at Fishkind & Associates. The Orlando-based research and consulting firm studies real estate across Florida. Home starts could end their two-year slide this year, with an upturn coming next year or 2010.
Figures from local building departments show construction permits for single-family homes plunged 62 percent last year from 2006 levels to 2,852. Starts peaked in 2005 at almost 12,000.
The number of permits dropped to 7,520 in 2006, as sales of existing homes slowed. The number plunged 62 percent to 2,852 last year.
The number of housing starts should stabilize this year and rebuild through 2010, according to Fishkind projections. In St. Lucie County, for example, the number of starts in 2010 should reach almost 3,900, the firm says. That would exceed 2006 levels, suggesting a relatively quick rebound.
“The majority of the upward trend is the direct result of continued population migration,” Rivenbark said of home construction in Martin and St. Lucie counties.
Indian River County is expected to follow in 2010 as its supply of new homes dwindles.
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