Miami, Fort Lauderdale and Pompano Beach were ranked as the top major U.S. cities to see the biggest increase in single-family home construction value from June 2020 to June 2021, according to a report by OMNIS Panels.
Despite unprecedented labor and construction supply shortages due to COVID, new construction is booming from coast to coast.
The report analyzed over two years of data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development to understand new construction trends. It focused on 368 permit-issuing municipalities across the country, noting the number of permits each city issued in the first six months of 2020 and 2021.
In June 2021, single-family home construction in Miami, Fort Lauderdale and Pompano Beach was valued at $412,484, up 23% from $334,705 in the same month the year before.
The report found that the number of permits approved for five-unit buildings in the same cities decreased 22% from 201 in June 2020 to 156 in June 2021.
Nationally, the number of building permits issued increased 36% for all sizes of residential projects. Permits for single-family homes rose by 30%, while large buildings containing five or more units increased by 21%. In addition, the value of newly constructed single-family homes increased by 7%.