Florida

Florida enjoys a robust residential real estate market and has been involved in several high-profile infrastructure projects.

It is also conversely one of the most vulnerable markets to hurricanes. As the climate warms, these storms are becoming more frequent and more violent – prompting a serious need for stronger homes that can withstand them.

To address this issue, building codes have been updated statewide to require new construction to meet ever-stricter wind-loading standards. This currently only applies to new construction – there is no retrofit law in place like the seismic ordinances in Los Angeles. Voluntary renovations, however, must adhere to these codes. As such, residential improvements make up an outsized share of the residential market. We expect this to continue well into the 2020s and beyond.

Construction in Florida is set to decline in the coming years as the economy cools and the labor market tempers. This is expected to be true of all markets across the state, with one notable exception: Orlando. It should be most pronounced in the Northern part of the State, in places like Jacksonville and Tampa. It is important to note, however, that spending in all of these markets is still forecast to be above the national average. There is still a lot to do in Florida, even when the market is contracting.

* Other structures include religious buildings, amusement, government communications, and public recreation projects.