Orlando is the top market for locales with strong demand drivers and the best potential to see growth in single-family homebuilding, according to the second quarter For-Sale Momentum Index prepared by RCLCO.
The Florida market ranked first among analyzed markets for population growth through the second quarter of 2017 and showed strong job growth over the past year relative to its share of U.S. jobs. Close behind were Texas metros Austin and Dallas-Fort Worth which boast diversified economies producing lots of jobs as well as the relocation of businesses from other states. Rounding out the top five for new home momentum were Phoenix, which ranked first for projected employment growth though the first half of next year, and Jacksonville, Fla., thanks to ranking second for employment growth last year and the continued expansion of jobs in the trade, transportation, and utilities sectors.
RCLCO ranks the 25 most active single family housing markets for momentum relative to one another based the each MSA’s share of national population, employment growth and single-family building permits and the current unemployment rate. The markets with the most momentum generally are states that are gaining from net in-migration while MSA’s at the bottom of the list, like New York, Newark-Jersey City, Chicago-Naperville-Elgin, and Philadelphia-Camden-Wilmington are in states with large domestic net out-migration.
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