Bradenton Is Investing 4th Most in New Housing Among Midsize U.S. Metros

Business

SRQ DAILY FRESHLY SQUEEZED CONTENT EVERY MORNING THURSDAY APR 2, 2020

According to a new report by Construction Coverage looking at the U.S. metropolitan areas investing the most in new housing, 9,954 new homes were built in the Bradenton, Florida metro area in 2019. For every 10,000 residents, Bradenton built 121.2 new housing units in 2019, which is the 4th most among midsize metropolitican areas in the United States.

New housing construction in the U.S. is slowing down, which isn’t good for families already struggling to afford their first home. Even though multi-family dwellings have accounted for the lion’s share of new home construction growth since the recession, the shift away from single-family homes has failed to lower prices. Data from the Department of Housing and Urban Development shows that the median sale price for new homes in the U.S. reached a record high of $348,200 at the start of 2020.

While at the national level, investment in new housing largely ebbs and flows with the broader economy, at the state and local level, it is tightly coupled with population growth. States in the South and West, which have experienced above-average population growth in recent years, are investing the most in new housing. New residential construction per capita in Idaho and Utah, in particular, exceed the national rate of 41.9 units per 10,000 residents by more than 100 percent. By contrast, states in the Northeast—many of which have seen their populations stagnate or decline—are constructing the fewest new homes per capita.

Here is a summary of the date for the Bradenton, FL metro:

  • New housing units per 10k: 121.2
  • Total new housing units: 9,954
  • Share of new housing units that are multi-family: 34.8%
  • Total value of new housing units (millions): $2,032
  • Median home value: $269,765
  • 5-year population growth: 12.2%

For reference, here are the statistics for the entire United States:

  • New housing units per 10k: 41.9
  • Total new housing units: 1,370,347
  • Share of new housing units that are multi-family: 37.7%
  • Total value of new housing units (millions): $276,611
  • Median home value: $240,224
  • 5-year population growth: 3.5%


For more information, a detailed methodology, and complete results for all metros.

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