Florida Local Home Construction Plummeting - Who is Still Around?

The following charts represent yearly summaries and averages of permit values including the number of home building permits issued beginning with the Year 2000.

You can readily see the drastic drop in activity beginning in 2006.

It is sad to note that even some of the big players that were building hundreds of homes in Hernando County during the 2005 boom are practically out of business in this declining market.

Hundreds of millions of dollars are suddenly lost to local builders, businesses, merchants and workers who in the past relied on the construction industry for sales, services and jobs. Newly constructed as well as just partially finished subdivisions are sitting empty while the owners and site developers are trying to find a way to pay the bills and survive without sales.

Everyone is feeling the pinch, including large stores, auto dealers and all involved in or even remotely connected to the home building industry such as pool builders, carpenters, plumbers, roofers and electricians to name just a few. Both skilled tradesmen and hired help have lost their positions and jobs and are hard pressed to make ends meet. A large number of families can no longer afford to maintain their homes. Foreclosures and bankruptcies are at an all-time high.

This slump in building activity is not unique to Hernando County Florida, but represents at least a statewide if not nationwide problem for the building and construction industry and the people who depended on it for their livelihood.

Unemployment plus rising real estate taxes and insurance premiums are the obvious reasons why ordinary working folks can not support themselves in this county and the rest of Florida.

There is a large exodus out of Florida that has been going on for several years. Thousands of people are leaving the State because they can no longer survive here on their income.

So who is to blame? How did it all start? When will it end?

As this downward trend continues, the first half year of 2009 experienced a record low for the past 10 years with only 80 single family residential building permits issued in Hernando County. By the end of 2009 things were worse than ever with yet another hug drop over the dismal 2008 figures. Total residential building permits issued were less than 50% of 2008 and a miserable 3% of 2005.

 

--- Hernando County Florida Single Family Residential Building Permits ---

Period