Construction spending in South Florida down again: report

Miami /
Mar.March 30, 2017 11:15 AM

Construction spending was down 20 percent in South Florida in February compared to the previous year, according to the latest report from Dodge Data & Analytics. 

Just like in January, the commercial sector saw gains in construction spending while residential experienced a decline, a reflection of the real estate market in South Florida.

In February, construction starts totaled nearly $776 million, down from $972 million for the same month last year. Residential fell 42 percent to $390 million from $677 million in February 2016. And commercial increased by 31 percent to about $386 million from $295 million.

Year-to-date, new construction contracts fell by 14 percent, to $1.43 billion from $1.66 billion for the first two months of 2016, according to the report. Nonresidential spending saw gains of 49 percent, to $730 million from about $491 million. Dodge Data defines nonresidential as office, retail, industrial, health care, and other commercial uses, but includes multifamily in residential.

Compared to January and February of last year, residential construction starts fell by 40 percent to $704 million from nearly $1.2 billion.

Overall, construction spending in South Florida totaled $10.9 billion in 2016, marking a 3 percent increase from the previous year. – Katherine Kallergis

An earlier version of this story provided incorrect figures for year-to-date spending.


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...