Florida Construction Industry Analysis

Florida’s construction industry is outperforming the nation. Per reports such as Cumming Insight, Florida metro areas such as Miami are saw growth as much as 7% during the pandemic. As noted within the report, this is partly due to the state taking a different approach to the pandemic restrictions, in addition to an increase of people relocating over this past year. While the Florida construction has clearly shown significant resilience in the face of COVID-19, what does the forecast look like for the year ahead?

Florida Commercial Construction

Florida is the third most populous state in the country and continues to be one of the fastest growing. This was established before the pandemic, which has now only increased the number of people moving to the state. To meet the needs of a growing economy and population, Florida commercial construction was also rising. The health of the retail, office and industrial markets was strong and steady in 2019, with modest growth projected at the beginning of 2020. Most experts predict a slowdown for commercial construction in the year ahead as office and industrial markets in particular are not expected to rebound quickly. Rather, it will be a gradual return to pre-pandemic conditions as the county moves forward. As always in an economic downturn, there will still be opportunities but it may take more work to find them. After all, a growing population still means new schools, hospitals, and other public buildings are needed.

Florida Residential Construction

Florida’s residential construction has a much sunnier outlook. The supply of homes has not been able to keep up with demand, thus driving more new construction. Affordable housing needs will continue to fuel the residential construction industry within the state for 2021, if not longer.

Opportunities For Florida Contractors

Based on the recent (and past) growth and the projected industry outlook overall, there has never been more opportunity for licensed contractors in Florida.  The average salary for general contractors is $39,000, but for licensed contractors in metro areas like Miami it’s more than double at $119,929.

Becoming A Licensed Contractor in Florida

Florida is considered a “friendly” state for those who are unlicensed. In other words, you can earn money taking on small handy-man jobs without getting licensed. This also means you are subject to fines and prosecution for doing work outside the scope of a handyman as the state of Florida requires a contractors license prior to bidding on any work as a contractor. If you’re ready to invest in your career to take on bigger and more complex projects, don’t wait any longer to get licensed. Learn more about Florida’s state requirements and exam prep here or contact us today at 1-800-952-0910 to start get started!