Housing starts down, but land inventory growing around Tampa Bay

Residential construction could pick up as early as the first part of 2010, even as the Tampa Bay area suffers through the loss of more than 81,000 jobs over the past year. “When the new home market recovery begins, it will be reflected first in the quarterly starts numbers,” said Tony Polito, director of Metrostudy’s Tampa division, in a release. Housing starts have dropped 81 percent since the first quarter of 2006 while closings are down 69 percent in the Tampa Metropolitan Statistical Area, Polito said. However, in order for housing starts to rebound, there will be a need to create job growth and eliminate competition from foreclosures and difficulty with buyers qualifying for mortgages. “Continued contraction is expected through the end of the year,” Polito said. “These factors will persist throughout 2009.”

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