Construction activity in South Florida reaches $7.5B in 2015

Construction cranes
Construction cranes

Construction spending year to date in South Florida increased by 19 percent, or $1.2 billion, compared the same period a year ago, according to a report released Thursday. 

The amount of construction contracts awarded this year through September was $7.5 billion in Miami-Dade, Broward and Palm Beach counties. In 2014, it was $6.3 billion.

Despite the year-over-year increase, residential contracts decreased by 67 percent in September, compared to September 2014, according to a report by Dodge Data & Analytics. In September 2014, residential contracts reached $952 billion; in the same month this year, they fell to $312 billion.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Nonresidential spending was up 25 percent month-to-month, from $178 billion in September 2014 to $222 billion in September 2015, the report said. The huge decrease in residential contracts resulted in a 53 percent drop in month-to-month activity in both residential and commercial.

Some South Florida developers have slowed their accumulation of property as land prices and construction costs rise. – Katherine Kallergis