According to filings with Leon County and the City of Tallahassee, the number of single-family new construction permits were down 29.4% in December, 2022 when compared to December 2021.
There were 36 permits issued December 2022, down from the 51 issued one year ago. The value of the December permits were down 50.0%, from $10.0 million in 2021 to $5.0 million in 2022.
The 3-Mnth Ave. data – which smooths out the month to month volatility – shows a 41.7% decline in the number of permits from one year ago. The 3-Mnth Ave. data also shows a 40.2% decline in total permit value, from $11.2 million in 2021 to $6.7 million 2022.
The chart below shows the number of permits issued each month for the last 25-month period. A 3-Mnth Ave. line is also included. The chart shows that the downward trend in permits began in May, 2021.
Two possible reasons why:
Federal Reserve started aggressively increasing interest rates in May 2022.
Increasingly, Leon county and the City of Tallahassee have a reputation for being poorly run and liberal.
New home starts are at a two year low and the city commission wants to talk about rent control. If you want more housing you have to encourage development not put price caps on rental income.
It is more expensive to live in Tallahassee than Mooresville, Indiana. And, if you cannot afford the mortgage, then do not move here. You ain’t got no “God Given Right” to live in Florida. Plus, it isn’t up to the taxpayer to cover your child’s tuition.
Spread the news. Northern Florida is too expensive. Move to Idaho instead. Check out Louisiana.
Personally, do not bring your liberal believes with you.
I am sure the Interest Rates have a LOT to do with it. That is why I have turned down many Offers to sell my Home.
…and I’m sure the rise in crime, woke local politicians and groomer school boards have nothing to do with the decline.