Is the Southeast’s Residential Rebound for Real?
The dollar volume of new Southeast residential construction contracts is starting off 2010 at a brisker pace than last year, according to new information from McGraw-Hill Construction, publisher of Southeast Construction.
Through February, nine of the four-state region’s 10 largest metropolitan markets for residential construction—five of them now located at least partly in the Carolinas—experienced increased activity compared to the same period of a year ago.
The Tampa metro area was in first place, thanks to a 37% increase and more than $237.2 million in new housing starts. Atlanta’s residential starts improved by 13% for a second-place total of more than $229 million.
But it was the Carolina cities that showed some of the biggest gains. The Raleigh, N.C., residential market grew 73% through the first two months of the year to generate $227.2 million in new starts and place third. The Charleston, S.C., market—perhaps showing an impact from Boeing’s new plant—saw a 41% uptick and $107.5 million in new residential contracts. Meanwhile, Columbia, S.C., entered the Southeast’s top-10 list by seeing its market jump 112%.
|Rank||Rank||Metropolitan Area||2 mo 2009||2 mo 2010||% Chg|
|1||9||Tampa-St. Petersburg-Clearwater, FL||172,571||237,162||37%|
|2||10||Atlanta-Sandy Springs-Marietta, GA||202,264||229,028||13%|
|6||Miami-Fort Lauderdale-Miami Beach, FL||165,552||128,662||-22%|
|8||Charleston-North Charleston, SC||76,145||107,503||41%|
|9||Augusta-Richmond County, GA-SC||52,586||101,472||93%|
|Rank||Metropolitan Area||2 mo 2009||2 mo 2010||% Chg|
|1||Houston-Baytown-Sugar Land, TX||579,344||798,228||38%|
|2||Dallas-Fort Worth-Arlington, TX||508,361||789,417||55%|
|3||New York-Northern New Jersey-Long Island, NY-NJ-PA||1,225,675||655,372||-47%|
|7||Los Angeles-Long Beach-Santa Ana, CA||223,453||291,756||31%|
|8||Austin-Round Rock, TX||223,510||268,844||20%|
|9||Tampa-St. Petersburg-Clearwater, FL||172,571||237,162||37%|
|10||Atlanta-Sandy Springs-Marietta, GA||202,264||229,028||13%|
Of the Southeast’s 10 largest markets, only the Miami-Fort Lauderdale metro experienced a decline. This area’s residential volume fell 22% compared to the first two months of 2009, and placed sixth overall with nearly $128.7 million in new housing starts.
Nationally, Houston and Dallas battled it out for the top spots, while the Southeast cities of Tampa and Atlanta garnered ninth and tenth overall, respectively.