Construction spending in South Florida down again: report

Construction cranes
Construction cranes

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.

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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.