Which cities spend the most on construction? Two NC cities do

0

RODEO, CA – AUGUST 19: A construction worker works on the design of a new home August 19, 2003 in Rodeo, California. New residential construction jumped to its highest level in 17 years in July, as the housing market showed no signs of weakening despite the fact that mortgage interest rates rose by more than one percentage point over the same period. (Photo by Justin Sullivan / Getty Images)

Have you ever wondered which cities are spending the most on construction? In the wake of the COVID-19 pandemic, the housing boom in America has reached new heights thanks to a combination of factors homebuyers have not seen since the housing bubble more than a dozen years ago. First of all, the supply of housing in the country reached one of the lowest values ​​since 1963 in autumn 2020. The massive housing shortage in combination with the increased demand caused new housing construction to rise to a high in the last 15 years.

In addition, supply chain disruptions from COVID-19 lockdowns caused timber prices to rise more than 500% in a single year. This has helped drive total housing spending to its own record high of more than $ 760 billion (seasonally adjusted annual rate).

Housing construction is booming across the country, but surprisingly, just seven states account for more than half of all building permits approved in 2020. Texas led the way with around $ 43 billion in building permit value last year, followed by Florida ($ 37 billion), California ($ 25 billion), North Carolina ($ 16 billion) and Arizona ($ 14 billion). Georgia and Colorado were the only other states to break the $ 10 billion mark.

The fact that both Texas and Florida outperformed California shows the fact that housing growth is shifting to cheaper destinations in the south.

The flood of money into new homes has boomed construction companies across the country. However, a combination of differences in spending and employment means that there was much more construction activity per worker in certain parts of the country. Several states in the southeast and the mountains reported roughly twice as much new housing spend per construction worker compared to the national average of $ 51,738 in 2020.

Spending on new residential real estate in South Carolina and Arizona exceeded $ 100,000 per worker while Tennessee, North Carolina, Idaho and Florida came to around $ 90,000. Meanwhile, spending per worker was lowest in and around the Mid-Atlantic region, where West Virginia was only $ 14,367 and Rhode Island, New York, Connecticut, and Pennsylvania each reported less than $ 24,000 per construction worker.

To rank individual metropolitan areas by their annual housing spending per construction worker, Construction Coverage researchers shared the value of building permits approved in 2020 from the US Census Bureau Bureau Building permit survey, according to the number of construction workers employed there, according to the Bureau of Labor Statistics. The researchers also included statistics on construction employment and wages at each location.

Here are the big cities that spend the most per builder building new homes: Raleigh topped Charlotte on that list, but we still made it into the top 5!

metro

rank

New housing expenditure per construction worker

Expenses for new residential construction

Total construction workers

Relative concentration of construction workers

Average annual wage for construction workers

Austin-Round Rock-Georgetown, TX

1

$ 160,551

$ 7,147,718,000

44,520

-1%

$ 53,050

Nashville-Davidson-Murfreesboro-Franklin, TN

2

$ 150,372

$ 5,183,315,000

34,470

-16%

$ 52,660

Raleigh-Cary, NC

3

$ 122,805

$ 3,460,650,000

28,180

+ 6%

$ 54,810

Phoenix-Mesa-Chandler, AZ

4th

$ 104,360

$ 10,815,836,000

103,640

+ 15%

$ 59,560

Charlotte-Concord-Gastonia, NC-SC

5

$ 101,366

$ 5,633,895,000

55,580

+ 7%

$ 52,650

Jacksonville, Florida

6th

$ 96,043

$ 3,262,575,000

33,970

+ 16%

$ 48,930

Orlando-Kissimmee-Sanford, FL

7th

$ 94,078

$ 5,478,188,000

58,230

+ 14%

$ 50,860

Dallas-Fort Worth-Arlington, TX

8th

$ 90,848

$ 13,053,058,000

143,680

-6%

$ 52,740

Tucson, Arizona

9

$ 89,500

$ 1,394,415,000

15,580

-1%

$ 52,320

Tampa-St. Petersburg-Clearwater, FL

10

$ 88,532

$ 5,299,528,000

59,860

+ 8%

$ 50,020

Atlanta-Sandy Springs-Alpharetta, GA

11

$ 88,236

$ 7,156,853,000

81.110

-28%

$ 58,280

Minneapolis-St. Paul-Bloomington, MN-WI

12th

$ 77,508

$ 4,962,093,000

64.020

-19%

$ 82,140

San Antonio-New Braunfels, TX

13

$ 73,577

$ 3,123,325,000

42,450

-1%

$ 51,840

Houston-The Woodlands-Sugar Land, TX

14th

$ 72,476

$ 12,702,945,000

175.270

+ 38%

$ 58,510

Columbus, OH

fifteen

$ 69,610

$ 2,226,124,000

31,980

-27%

$ 64,190

United States

$ 51,738

$ 307,209,904,000

5,937,830

N / A

$ 48,610

For more information, detailed methodology and full results, see the original report on Construction Coverage’s website: https://constructioncoverage.com/research/cities-spending-most-on-construction-per-construction-worker-2021


Source link

Share.

About Author

Leave A Reply