South Florida had an 18 percent year-over-year decline in residential construction last month, the latest McGraw-Hill Construction data shows.
Miami-Dade, Broward and Palm Beach counties had more than $391 million in residential contracts in August. The tri-county area had about $475 million worth of residential contracts in August 2013. Nonresidential contracts declined from more than $279 million in August 2013 to about $178 million last month.
About $3.2 billion in residential contracts were awarded during the first eight months of 2014. That’s a 15 percent increase from the first eight months of 2013. Nonresidential contracts rose from $1.84 billion to $1.87 billion during the same span. Overall, South Florida’s construction contracts jumped 9 percent to about $5 billion during the first eight months of 2014. — Eric Kalis