Bay County Market Comments for Lynn Haven, Panama City, Panama City Beach

A recent article in the Panama City News Herald reports: Economists statewide are watching new construction, particularly residential startups, as a strong predictor of whether the economy is recovering. New construction, particularly new single-family homes, means more jobs, more business and more industry, Dr. Rick Harper, the University of West Florida’s Haas Center for Business Research and Economic Development director, wrote in an e-mail.

In the past three years, new construction — the hardest-hit sector during the recession statewide — plummeted 34 percent from 2008 to the end of last year, according to Bay County records. Parts of those numbers include Panama City, which also saw a downward spiral. Panama City was down from 33 new residential home building permits in 2008 to about 16 last year, according to county records.

Among all the reporting Bay County cities, only Lynn Haven showed as a bright light. The city issued 73 new home permits last year, compared to 70 in 2008, said Al Wilson, city building official. That was a remarkable feat during a recession that cut the construction trade by about 2,000 local jobs last year, or nearly 31 percent.

No doubt about it. New construction starts will certainly mean jobs which will help with the high unemployment levels in our area. As of December, Bay County was experiencing an 11.5% unemployment rate.

The full article can be found at this link:

http://www.newsherald.com/articles/panama-81289-city-see.html