Florida, Texas With Dangerous Weather Get More Housing
Builders are building more houses in US areas with the most brutal weather challenges. According to a new study, building is picking up in Texas, Florida, North Carolina, and Georgia.
Lending Tree released its new study on building permits as measured by the US Census. Nationwide, new construction between January and July rose 1.78% compared to 2023. The figure is barely tiny. The 2024 number translates into 878,199 houses, including single-family and multifamily residences. The estimated cost of these was $228 billion.
Big States
Unsurprisingly, the three latest states by population lead the list: “Texas, Florida, and California saw the most new unit authorizations in the first seven months of 2024.”
People continue to relocate to the southeast and Texas. Part of the reason is low taxes. Another part is the weather. However, Texas was hit by one huge storm when Hurricane Beryl. Part of North Carolina recently received over 20 inches of rain, Florida is at the center of Hurricane Alley, and destructive storms have caused billions of dollars in damages there,
High Insurance
The great mystery about the building in that the price of residential insurance in many parts of this area are rising, and home prices falling
At some point, the need for new houses will drop.
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