Three Reports and Two Experts: Regional Real Estate Bust Is Over
April 3, 2014 | WMFE, Orlando--Central Florida's real estate and construction bust is officially over. That's what industry experts are saying after three reports on construction growth published this week.
The three reports focus on real estate and construction both in Florida and nationwide.
The U.S. Bureau of Labor Statistics says Florida leads the country in construction growth. A report from Florida’s Office of Economic and Demographic Research puts building at the heart of economic recovery, and the Urban Land Institute projects a rosy future for real estate – this time without a bubble.
ULI Central Florida Chair Cecelia Bonifay says the national real estate momentum holds true here. She says, “Everything is aligning for a very positive marketplace, and, and, again, it’s pretty much across all sectors of the economy.”
Bonifay says this round of reports is different because the recovery is now broad.
Leo Nimkoff agrees. He’s Chair of the Orlando Regional Realtor Association Commercial Council and says people moving to Florida generate jobs beyond construction and real estate. He explains, “There’re people that need to stock the shelves at the grocery stores where those people live. They need to work in the restaurants where those people go to eat. They need to, you know, work in the stores where those people need to go and shop.”
There’s still the dark cloud of foreclosures hanging over the state – Florida leads the nation in foreclosures, according to RealtyTrac -- but Bonifay and Nimkoff say those numbers are recession leftovers.
Read the Reports
State Employment Changes By Industry
U.S. Bureau of Labor Statistics
ULI/EY Real Estate Consensus Forecast
Urban Land Institute
Florida: An Economic Overview
The Florida Legislature Office of Economic and Demographic Research