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

Construction cranes
Construction cranes

Construction spending in South Florida took a nosedive in November, according to a new report, but that hasn’t derailed the industry from outpacing itself by roughly $800 million compared to last year.

The report, released Thursday by construction research firm Dodge Data & Analytics, shows the number of contracts signed in November were down considerably when held against the same month in 2015.

Residential construction starts hit $351 million last month, marking a drop in volume of 32 percent. Nonresidential construction, which encompasses everything from hotels to government buildings, also fell 22 percent to just below $196 million during the same time frame.

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Spending volume in South Florida’s construction industry can be volatile, especially during this stage of the real estate cycle when residential developers are taking a more cautious approach to launching projects.

But even with this most recent plummet, the region is still far ahead of where it was this time last year. Year-to-date spending reached $9.92 billion in November, putting it within striking distance of the $10 billion spent during all of 2015. — Sean Stewart-Muniz