HURRICANE IRMA
materialize, much like the $15 billion
approved for Harvey in early Septem-
ber. Residential construction starts in
Florida will likely slow over the next
few months as the focus shifts to-
wards cleanup and damage assess-
ment. Once estimates are completed,
rebuilding will still likely be slow as in-
dividuals wait for insurance checks
and federal relief to appear. Over time,
however, residential starts in the state
will rise above the norm, particularly in
the Keys where reports suggest that
25 percent of homes were completely
destroyed and far more were badly
damaged. As with the effects of Harvey on
Houston’s building outlook, once
cleanup is completed, non-residential
building reconstruction will likely
focus on institutional structures such
as schools, healthcare buildings, and
public safety facilities in Florida. Un-
like Houston though, the rebuilding of
commercial structures will likely not
be far behind as real estate fundamen-
tals for warehouse, office, and hotel
buildings are generally healthier than
Houston’s.