MetroStudy Report - Tampa, FL– January 18, 2012 - Tampa will likely see an increase in housing activity during 2012, 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 26,900 jobs annually through November according to the Bureau of Labor Statistics, placing Tampa Bay 7th of 362 MSAs in the US for job creation. “While the Tampa Bay market received mostly positive local economic news during the quarter, the local unemployment rate of 10.3% NSA remained well above the national average of 8.5%. Moreover, Tampa needs to see the number of unemployed drop from the current 134,000 to below 91,000 in order to report a local unemployment rate under 7 percent,” said Tony Polito, director of Metrostudy’s Tampa Region.

During 4Q11, 995 single family units were started, up 19.4% compared to 4Q10. The annual starts pace decreased to 4,001 homes, 1.1% lower than last year’s rate. “We expect new starts to be between 5 and 15% higher by the end of 2012,” said Polito.

Closings totaled 993 units, 3.8% higher than 4Q10. Annual closings stood at 4,004, which was 11.5% lower than 4Q10. Last year’s closings were aided by the tax credits that ended in September 2010.

Inventory was at an 8.4-month supply, down just 0.1% compared to 4Q10. Finished vacant inventory decreased to 1,341 units, down 3.3% compared to 4Q10, and representing a 4 month supply. This is up from 3.7 months during 4Q10. “This negative trend and the high months of supply requires a continued focused approach to pricing existing finished vacant units as well as new product,” said Polito.

“Our forecast for 2012 is for a modest increase in housing start activity. 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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