Construction spending down in South Florida in January: report

South Florida saw a huge increase in commercial versus residential construction

Feb.February 24, 2017 11:15 AM
Construction cranes

Construction cranes

The number of new construction contracts inked in January was down 8 percent from the same period in 2016, to $629 million down from $684 million.

Despite the overall decline, South Florida saw a huge increase in commercial versus residential construction, according to the latest report from Dodge Data & Analytics. Nonresidential construction starts were up 64 percent last month compared to January 2016, to $316.8 million from $193.4 million. The construction data firm defines nonresidential as office, retail, industrial, health care, and other commercial uses, but includes multifamily in residential.

Residential construction starts took a 36 percent hit in January compared to the same period last year. Last month, South Florida’s contractors inked $311.9 million of residential construction starts, compared to $490.7 million in January 2016.

Overall, construction spending in South Florida totaled $10.9 billion in 2016, marking a 3 percent increase from the previous year. Commercial saw a 4 percent dip while residential was up 7 percent.

January’s figures, which show an uptick in commercial and a decline in residential, also reflect current market conditions– Katherine Kallergis

Related Articles

Miami beach (Credit: iStock)

Hurricane Dorian spared South Florida but will still cost developers and contractors

A satellite image of Hurricane Dorian (Credit: Getty Images, iStock)

As Hurricane Dorian barrels toward South Florida, developers and builders prepare

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M