Metrostudy - Sarasota, FL– November 1, 2011 - The North Port/Bradenton/Sarasota job market added 1,100 new jobs and housing starts activity improved during 3Q11, 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 North Port/Bradenton/Sarasota-Bradenton MSA added 1,100 jobs (Annual Rate) based on the Bureau of Labor Statistics report for Third Quarter of 2011, an annual growth rate of 0.5%, placing it in the middle of US MSAs in terms of job creation. The unemployment rate was 10.9%, above the national average of 9.1%. “The local market has seen its unemployment rate drop from 12.7% in September 2010, a very encouraging sign,” said Tony Polito, director of Metrostudy’s Sarasota/Bradenton Region.

During 3Q11, 562 single family units were started, an increase of 6.4% compared to 3Q10. This was the best quarterly start rate since 567 new homes were started during the third quarter of 2008. The annual starts rate rose to 1,813 homes, 3.3% higher than last year’s rate. There were 482 closings (actual move-ins) during the quarter, 18.9% lower than 3Q10 (the last tax credit influenced quarter). However, the annual closings rate stood at 2,021 homes, 6.5% higher than the 3Q10 annual pace.

Inventory decreased compared to 3Q10 to a 7.1-month supply, down 14.8%. Finished vacant inventory decreased to 390 units, down 36.1% compared to 3Q10, representing a 2.3 month supply. This was down from 2.4 months during 2Q11 and 3.9 months during 3Q10. The number has been dropping since 4Q06.

“We believe that by the end of 2011, building activity will be up when compared to 2010. We still project larger unit gains in 2012. The major factors going forward will be: A) retiree sentiment and northern real estate markets and B) consumer confidence and general continued improvement in the local job market,” said Polito.

For information contact:
tony polito @ 813.888.5151 x811
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