Florida enjoyed a very good month in September. For the first time since May 2007, we passed the 10,ooo permit mark for combined single and multi-family permits. Since we are in a normal seasonal lull, this was a surprise (to me, at least). There were massive multi-family permits pulled in Osceola (2162) and Lee (847) counties. Single family is now 9.7% ahead of last year and multi’s are a whopping 35% ahead!
In national news, the unemployment rate has bumped down to the 5% mark for the first time in almost eight years! This may persuade Janet Yellen to finally make a move on interest rates. It seems that the only thing that is keeping the construction industry from overheating (ala 2005) is the lack of available workers to fill the demand. The somewhat suppressed lumber prices as shown on Don Hayes’ charts seem to reflect that.