The Real Deal Miami

Construction spending in SoFla takes deep dive in October

Construction so far this year has already surpassed 2014
Aerial shot of Brickell City Center under construction

Aerial shot of Brickell City Center under construction

South Florida builders saw a big drop in construction contracts during October, according to a new report from Dodge Data & Analytics.

The research firm looked at spending on new construction for both residential and commercial markets throughout Miami-Dade, Broward and Palm Beach counties. It found the amount of money developers spent on contracts in October was more than halved compared to the same month last year.

Roughly $354 million was spent on residential construction contracts last month. That’s down 53 percent from the $758 million spent last October.

Non-residential, which includes everything from hotels to government buildings, fared slightly better: roughly $189 million was spent in October, down 47 percent from the $357 million spent last year.

Despite this huge dip, South Florida has already spent close to $700 million more on construction contracts this year than all of 2015 combined. The report said non-residential spending reached $2.7 billion in October, and residential was up to $5.4 billion. Last year, the two markets combined saw $7.45 billion in construction spending. — Sean Stewart-Muniz