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
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
arrow_forward_ios

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

Loading...