According to the South Florida Business Journal, South Floridaâs quarterly single family housing starts rose 41.2 percent in the third quarter from a year ago, and 9.4 percent from the prior quarter, says data fromÂ Metrostudy.
Housing starts remained higher than move-ins during the quarter, but move in starts have accelerated.
In addition, Miami-Dade, starts grew by more than 50%, year over year, and were up 7% in the third quarter compared to the second. Move-ins rose 36% in the third quarter, year over year, and climbed 42 % compared to the prior quarter.
In Broward County home starts were 5.2% higher, year over year, and had a 2% increase in the third quarter compared to the second.
In Palm Beach, starts rose 61 percent in the third quarter compared to a year ago and climbed 15.5 percent from the third quarter to the second quarter.
Move-ins climbed 44 percent in the third quarter, year-over-year, and grew 9 percent in the third quarter compared to the second.
South Florida is mirroring the nationâs construction activity.
National construction permits for housing skyrocketed 45.1 percent in September, compared to the previous year, and jumped 11.6 percent from August.
Single-family construction permits rose 6.7 percent to an annual rate of 545,000, the highest since July 2008. Multifamily construction permits jumped more than 20 percent to an annual rate of 349,000, another rate not achieved since July 2008. Meanwhile, South Florida continues to work itself out of its foreclosure-related issues.