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Home Builders Predict a Booming 2022

Construction firm survey: To keep up with projects, 3 out of 4 builders plan to hire more people in 2022, with 1 out of 4 slated to grow by 10% or more.

ORLANDO, Fla. – According to a recent Associated General Contractors of America survey of more than 1,000 national construction firms, 74% say they have enough projects ahead that they’ll need to hire more people this year – and 27% say they’ll increase their labor force by more than 10%.

“Contractors are, overall, very optimistic about the outlook for the construction industry in 2022,” says Stephen E. Sandherr, the association’s CEO. “While contractors face challenges this year, most of those will be centered on the need to keep pace with growing demand for construction projects.”

Central Florida will be a part of that trend, adds Karl Pischke, vice president at real estate analysts RCLCO in Orlando. “Orlando can expect to see a very positive year in terms of demand for new homes … Florida continues to be an in-demand location, but we’re also seeing a lot of growth in Orlando specifically.”

Orange, Osceola and Seminole counties can expect a combined 35,654 permits for multifamily and single-family construction planned for this year – more than 4,000 more than last year and 10,000 above 2019, according to research from Moody’s Analytics.

The forecast for 2023 calls for 38,932 permits in the metro region, besting a record set in 2005.

The Orlando Regional Realtor Association reported that demand pushed the median home price in metro Orlando to $330,000 in November as housing inventory hit record lows in the past year.

Source: Orlando Sentinel (01/13/22) Fraser, Trevor

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