The Law Offices of John Caravella, P.C. does not own this content. This content was created by Kathryn Varn, and was published to Axios on August 1st, 2024. To view the full article, please click here:
A pandemic-induced swimming pool boom is cooling off.
Why it matters: It’s another way that interest rates and inflation are slowing the economy, Axios’ Courtenay Brown reports.
The big picture: Just 60,000 residential pools will be built this year, per one research firm’s estimate. That’s half as many as in 2021.
Zoom in: In pool-heavy Florida, residential and community pool permits are down about 13% from last year, Florida Swimming Pool Association CEO Elizabeth McMurray tells Axios.
Like the national trend, McMurray attributes the downturn to higher interest rates, which have middle-income families holding off.
Pools have also gotten more expensive. An average pool started at $45,000 pre-pandemic. Now, it costs $65,000 and up, she says.
Yes, but: While this year’s decline is “not nothing,” McMurray says more Floridians are pulling permits this year than before the pandemic.
Between the lines: The Federal Reserve kept interest rates the same on Wednesday but hinted that cuts were coming.
“If that does happen, what we’re seeing with this downturn is temporary,” McMurray says. “Florida is still very active.”
Meanwhile, more people are turning to trendy stock tank pools as a more cost-effective way to cool off this summer, Axios’ Sami Sparber reports.
Austin-based Cowboy Pools reports that sales have been up 30% year-over-year. That company’s pools start at $3,450.
John Caravella, Esq
John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration across New York and Florida. He also serves as an arbitrator to the American Arbitration Association Construction Industry Panel. Mr. Caravella can be reached by email: [email protected] or (631) 608-1346.
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Kathryn is a reporter for the daily Axios Tampa Bay newsletter, covering everything from politics to arts and culture in the region. She lives and works in St. Petersburg, Florida.
The Law Offices of John Caravella, P.C. does not own this content. This content was created by Kathryn Varn, and was published to Axios on August 1st, 2024. To view the full article, please click here: