South Florida construction spending spikes in March: report

Contracts nearly tripled to $880M for nonresidential building

TRD MIAMI /
Apr.April 28, 2016 12:00 PM

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


Related Articles

arrow_forward_ios
Construction cranes

SoFla construction spending still outpacing 2015 despite June dip

Placeholder image

As banks are hamstrung by regulation, developers turn to alternative lenders

Construction cranes

Despite slowdown, South Florida construction still outpacing 2015

Construction cranes

Residential construction picks up for SoFla in January

Miami market intel: cash sales still prevalent, construction spending down

Miami market intel: cash sales still prevalent, construction spending down

Construction cranes

Despite slowdown, SoFla ranks No. 2 for construction spending in 2015

A home in South Florida under construction.

South Florida construction contracts rose in October

A home in South Florida under construction.

Pace of home construction slowing

arrow_forward_ios