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.