CONSTRUCTION
BOOMING TIMES FOR BUILDING
Homes, projects and renovations have
skyrocketed in Treasure Coast
BY BERNIE WOODALL
ANTHONY INSWASTY PHOTOS
Strong economic fundamentals have provided consumer confidence and investment
opportunities for builders throughout the area. Optimism continues
to surge for future growth.
CONSTRUCTION QUARTER 1 2019 VS. CONSTRUCTION QUARTER 1 2018
>>
PORT ST. LUCIE 594 $109.42 million $184,210 457 $80.73 million $176,650 30%
INDIAN RIVER COUNTY 322 $121.65 million $377,800 301 $114.84 million $381,530 7%
MARTIN COUNTY 109 $49.47 million $453,850 29 $16.78 million $578,600 275%
ST. LUCIE COUNTY 96 $32.58 million $339,375 106 $32.33 million $305,000 -9%
SEBASTIAN 29 $7.02 million $241,950 41 $9.95 million $242,760 -29%
FORT PIERCE 23 $6.79 million $295,350 19 $4.92 million $259,050 21%
OKEECHOBEE COUNTY 19 $5.48 million $288,300 18 $7 million $388,616 6%
STUART 3 $744,300 $248,100 5 $1.31 million $262,000 small sample
INDIANTOWN 3 $309,000 $103,000 NA NA NA NA
20
2019 Single-Family Home Starts 2018 Single-family Home Starts Change
New Homes Total value Average New Homes Total value Average
TCBusiness.com
Building construction is hot
on the Treasure Coast and could
be considered at boom-time
rates in some spots as the area
tries to keep up with growth
spurred by high consumer
confidence in a robust
economy, contractors and
building officials told Treasure
Coast Business.
Contractors and their regulators
at city and county building
departments are having a
tough time getting and keeping
laborers, skilled trades workers
and inspectors to keep up with
growth, says Joel Dramis, building
official for the City of Port
St. Lucie.
It’s boom in terms of lift since
the Great Recession but still less
so than 15 years ago.
“Our boom time was in 2003, 2004,
2005 when there were 680 new houses a
month,” says Dramis. “Now, we are up 200
to 225 a month on average.”
The low point for home starts as measured
by permits issued for single-family
residences was in 2008 at only 35 to 50 a
month, Dramis says. In 2008, all permits
issued by Port St. Lucie — from houses
to small projects to major renovations —
were about 1,000 per month. That figure is
now about 4,000 per month, he says.
In recent years, the increase in Port St.
Lucie home building has been 10 to 15
percent annually. That momentum shows
no signs of slowing, Dramis says. In the
first quarter, housing starts were up 30
percent from a year earlier, at 594 new
home permits issued.
In Martin County, which includes only
the unincorporated areas, 109 singlefamily
houses were permitted in the first
quarter, more than triple that of the first
quarter of 2018. And Martin County newly
permitted homes on average
are costlier than in the other
Treasure Coast counties, at
more than $450,000 each in the
first quarter.
Indian River County Building
Official Scott McAdam, who
formerly held the same position
in Fort Pierce, says, “We’re extremely
busy. It used to be the
trend for growth was out west
(of Vero Beach). Now, it appears
to be throughout the county.”
McAdam and Dramis say
that mature eastern areas with
established neighborhoods and
business districts are filling in.
Bill Handler, president of
GHO Homes that builds in
Indian River and St. Lucie counties,
says that about five years
ago builders shook off the recession and
began another bull run. Economic fundamentals
are stronger now and builders are
no longer afraid to invest, he says.
“Before just a few years ago, we were
dead in the water,” says McAdam. “I don’t
see anything on the horizon stopping us.
People have the money and the confidence.
“It’s not only new construction. They are
putting in pools, screen enclosures, making
their houses better. They had been holding
on to their money for a number of years,
Indian River County includes unincorporated areas and the city of Vero Beach. St. Lucie and Martin counties include only unincorporated areas. Okeechobee County
includes unincorporated areas and the city of Okeechobee. Source: Figures from building departments at each city or county.
/TCBusiness.com