Why Building Permits in Tampa Bay Are on an Upswing

by HMLS

If there is anything the housing market has taught us in the last few years, it is that we can never fully predict how the market is going to perform. However, we can analyze data and patterns to determine what will likely happen in this industry in the coming weeks and months.

In Tampa Bay, the market can be compared to a roller coaster, and we’re on the “up” side of that roller coaster right now in terms of building permits. Through the first size months of 2022, the growing demand for new homes has fueled a rise in building permits. Data shows that April was a particularly strong month for residential housing permits. As long as the demand for new homes continues to remain high, building permits will remain on an upswing.

Tampa Bay Residential Permits by County

Are you curious about what residential building permits look like based on County? Here’s a brief overview.

Manatee County

In Manatee County, residential building permits were highest in April of this year. Here is an overview of building permit numbers from January 2022 through June 2022.

January: 355

February: 546

March: 516

April: 570

May: 532

June: 379

Pinellas County

Pinellas County is quite small, but still experienced some demand for building permits this year. Here’s how many building permits were obtained from January through June of 2022.

January: 48

February: 49

March: 51

April: 80

May: 54

June: 52

Hillsborough County

For Hillsborough County, June has been the biggest month for residential building permits. Check out the following breakdown of permits by month.

January: 385

February: 387

March: 485

April: 499

May: 408

June: 532

Pasco County

In Pasco County, building permits reached their peak in January. Here are the numbers for the first six months of 2022.

January: 590

February: 375

March: 283

April: 529

May: 478

June: 471

Sarasota County

Sarasota County’s biggest building permit month in 2022 was April. But the following chart shows building permits are still up quite a bit over January.

January: 305

February: 389

March: 415

April: 488

May: 381

June: 442

Hernando County

Here are the permit numbers for the first six months of 2022 for Hernando County.

January: 127

February: 134

March: 129

April: 94

May: 117

June: 90

Polk County

Polk County’s busiest month for residential building permits from January through June of 2022 was April. Here’s a breakdown of permit numbers for the first six months of this year.

January: 478

February: 548

March: 591

April: 644

May: 598

June: 467

Commercial Building Permits

Boutique Home Plans conducted a study that revealed how the number of residential building permits increased during the COVID-19 pandemic. But the trend of rising building permits has been occurring since 2009. Since that year, residential construction has increased nationonwide (by a rate of just over 5 permits per 100,000 Americans).

The report goes on further to show which housing markets are considered the “top five” in the nation in terms of residential construction growth. These markets are:

  1. Utah
  2. Idaho
  3. Florida
  4. South Carolina
  5. Colorado

The five slowest housing markets in the nation are:

  1. Rhode Island
  2. Connecticut
  3. Illinois
  4. New York
  5. West Virginia

In Tampa Bay, commercial building permits have also been on the rise and have followed a trend quite similar to residential permits in the area. Hillsborough County was at the forefront of commercial building permits in the area with a total of 565 permits in the first six months of 2022.

Inflation and vacancy rates could both contribute to declines in the rate of growth in the housing market in coming months. But for now, trends show that building permits are still being issued at a healthy rate in the area and are on an upswing.

Get Hard Money Loans

A hard money loan is a popular type of loan for construction projects. Here at HML Solutions, we provide private lending consulting services and hard money loan solutions. We know how to provide fast funding so you can get started on your construction project as soon as possible. We want you to be able to take advantage of the healthy real estate market without experiencing unnecessary delays in funding. Contact us today to learn more.

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