Metrostudy Report - Tampa, FL– November 1, 2011 - Tampa job creation continued during the quarter and 3Q2011 starts were the best single quarter since 3Q2008, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The Tampa MSA gained 24,500 jobs according to the Bureau of Labor Statistics, placing Tampa Bay in the top 10 of 362 MSAs in the US. However, the unemployment rate stood at 10.8% NSA, well above the national average of 9.1%. “The worst job losses are now behind us and the market is showing signs of job creation versus the July 2010 low point, although unemployment higher than the national average will likely remain the next few years,” said Tony Polito, director of Metrostudy’s Tampa Region.

During 3Q11, 1,158 single family units were started, an increase of 4% compared to 3Q10. This was the highest level since 1,201 quarterly starts in 3Q2008. However, the annual starts pace decreased to 3,830, 5.3% lower than last year’s rate. This mixed pattern is typical when moving away from a cyclical bottom. Closings totaled 1,255 units, 12.5% lower than 3Q10. Annual closings stood at 3,967 or 19.3% lower than 3Q10. Last year’s closings were aided by the tax credits that ultimately ended in September 2010.

Inventory was at an 8.5-month supply, down 4.7% compared to 3Q10. Finished vacant inventory decreased to 1,363 units, down 5.5% compared to 3Q10, a 3.9 month supply. This is down from 4.1 months during 2Q11 but up from 3.3 months during 3Q10. The number has been trending downward since 1Q07. “The FV trend is mixed and the months of supply still remain high. This dynamic requires a continued focused approach to pricing existing finished vacant units as well as new product,” said Polito.

“We expect that 2011 will be essentially flat in terms of new housing starts compared to 2010. We still expect modest percentage and unit gains in 2012. The major factors going forward will continue to be consumer confidence and general continued improvement in the national economy and the job market,” said Polito.

For information contact:
tony polito @ 813.888.5151 x811
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