The Real Deal Miami

South Florida construction spending spikes in March: report

Contracts nearly tripled to $880M for nonresidential building

April 28, 2016 12:00PM

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Construction cranes

Construction cranes

South Florida contractors were raking in oodles of cash in March, a new report shows, with construction activity booming across the board.

The report, authored by research firm Dodge Data & Analytics, states that $1.55 billion was spent on construction contracts in South Florida last month. Of that total, roughly $673 million went to nonresidential building — everything from government offices to churches — and $880 million went to residential projects.

Both sectors, especially nonresidential, saw significant gains year-over-year. Nonresidential contract spending nearly tripled from the $226 million that was spent in March 2015, while single and multifamily projects grew by half from the $588 million signed last year.

By the end of March last year, about $2.4 billion had been spent on construction contracts in both sectors. This year, a little over $3 billion has been spent — an increase of about 26 percent.

Construction spending dipped heavily during the end of 2015 amid a residential slowdown. Now, it seems South Florida’s contractors are back in spades with this spike in projects. — Sean Stewart-Muniz