South Florida construction spending drops again in September

Construction spending will likely fail to surpass record last year

Oct.October 27, 2016 11:16 AM
Construction at One Thousand Museum (Credit: Field Condition)

Construction at One Thousand Museum during the summer (Credit: Field Condition)

New construction spending took another hit in September, according to a new report from Dodge Data & Analytics. 

Construction contracts inked last month totaled $519 million, a 5 percent drop from the same month last year. Residential contracts are responsible for the drop, with only $267 million worth of contracts signed for residential projects, 14 percent less than the $310 million in September 2015.

The trend of fewer residential contracts could continue amid weakened demand for new condo construction. Some projects have canceled, paused or delayed construction as a result of the slow market. Financing is also increasingly difficult to get, experts and developers say.

Nonresidential spending, which includes office, retail, hotels, warehouses and other commercial uses, totaled nearly $252 million, a 7 percent increase from the $235 million in September 2015, according to the report.

On a cumulative, year-to-date basis, construction spending is slightly under this year compared to last. So far this year, spending totaled $7.78 billion compared to $7.79 billion in 2015.

In August, spending took a big hit, dropping 22 percent from July.

Two major projects have paused construction over the last week following accidents that led to deaths at Echo Brickell and Hyde Resort & Residences in Hollywood. – Katherine Kallergis

Related Articles


Developer Glenn Straub reportedly under investigation by the Broward County State Attorney’s office

Drop in residential construction brings down spending in South Florida in May

Construction cranes

Construction spending in South Florida skyrockets in April

Construction spending in South Florida down again: report

Construction spending down in South Florida in January: report

Construction spending in SoFla totaled $10.9B, up slightly from 2015

Construction cranes

SoFla construction industry on track to outpace 2015, despite November dip

Construction cranes

Construction starts rally in South Florida during October: report