According to the US Census Palm Beach County added more than 73,000 residents from 2010 to 2014, with almost 22,000 in the last year, making for a 5.5 percent growth since 2010. This is great news for us as population growth translates into demand for housing units.
To our north, Martin County added almost 6,500 residents since 2010, with more than 1,900 of them in the last year, making for a 4.4 percent growth since 2010.
Florida added more than 1 million residents from 2010 to 2014, nearly 300,000 of them between 2013 and 2014. With almost 20 million people Florida is the third most populous state after California and Texas. We have recently over taken New York to this coveted spot. California and Texas are countries unto themselves. Florida population grew by 5.5 percent from 2010 to 2014 and by 1.5 percent between 2013 and 2014.
In 2014 in all of Palm beach County there were 2433 building permits issued but we added 22,000 people in 2014 and each family unit in is about 2.51 people so 8765 housing units required for new residents but we only built 2433.
Supply and demand.