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Fla.: 9th-Least Amount of New Housing to Job Growth

The report says population density is part of the problem in increasing housing supply, as most consumers prefer living in single-family homes.

JACKSONVILLE, Fla. – A Stessa report found that Florida added 1,337,800 jobs between 2010 and 2020 versus 1,128,362 new housing units authorized by building permits, giving the state the ninth-least amount of new housing relative to job growth in the country.

Supply chain problems have made many building materials harder to find or more expensive, and many construction companies face a lack of workers, causing completions to lag behind new housing starts.

Moreover, housing stock was already too low in many areas to keep pace with population growth and consumer demand.

Stessa also found population density to be part of the problem in increasing supply, as a majority of consumers prefer living in single-family homes rather than multi-unit buildings, while zoning rules in many localities restrict higher-density development.

Meanwhile, the failure of housing stock to keep up with growth is most concerning in regions where growth is occurring fastest. Parts of the nation that are seeing strong economic growth have drawn more residents who come in search of jobs and other opportunities. 

Source: Jacksonville Business Journal (12/02/21) Barth, Cindy

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