Beach Town Developers Now Believe in Stronger Building Codes, Construction
Developers aren’t deterred by rising insurance rates, which are largely passed along to buyers and renters, or by more expensive building requirements. Higher costs have simply “forced more expensive development” on the coast
Vacation beach towns like Port Aransas and Panama City are increasingly dependent on new building methods to protect against catastrophic storms. As older structures get wiped out, they’re replaced by stronger construction that cushions against the next disaster, emboldening developers to keep investing. Buyers are on track to sink about $2 billion into Gulf Coast homes this year, based on the mean selling price, according to Attom Data. That would be up from $1.8 billion last year, and a 12-year high.