The Real Deal Miami

Construction stall may be part of healing market

May 05, 2009 10:56AM

South Florida depends on new housing as a pillar of its economy, and the pillar has just about toppled. The credit crunch has stalled construction, in turn hurting employment. A report from Metrostudy noted that only 43 new houses started construction in Miami-Dade County in the first quarter of the year, and only two condominium projects began. Adam Greenberg, managing director with BayBridge Real Estate, a Miami-based consultancy, said this is a necessary phase in restarting the market. Builders started only 147 single-family houses in Palm Beach County during the first quarter of 2009, down from 167 starts in the fourth quarter. In St. Lucie County, starts rose slightly to 32, up from 27 in the fourth quarter. Martin County saw only 10 starts, down from 15 the previous quarter. [Miami Herald] and [Palm Beach Post]