Lakeland and Winterhaven Lead The Country In New Home Construction
The Growing Central Florida Region Ranks Second in the Nation for Approvals for New Construction
Recent research from the Inspection Support Network has found that the Lakeland / Winterhaven metropolitan area is second in the United States among other medium-sized metropolitan areas in approvals for new home construction. The result will be a huge hike in new development, with 43.5 new units per 1,000 existing homes being authorized in the area, well over triple the national average of 12.5. It also speaks to the greater trend of people continuing to look to Florida for a new home, despite the market seemingly settling down after rising interest rates. The increase in construction can also help close the gap between supply and demand in Florida real estate, helping buyers in a very competitive housing market.
The Lakeland Winterhaven area isn’t the only region in Florida that is seeing a ramp-up in approvals for new construction, though. The Naples/Marco Island region sits at 12th in approvals, while Cape Coral/ Fort Meyers made it to ninth in the US. Moving up the list of most new home approvals, Ocala ranks sixth in the country with 34.6 new approvals per 1000, while Port St Lucie sits at fifth with 37.5.