Construction spending in South Florida skyrockets in April

Commercial construction tripled compared to April of last year

Construction cranes
Construction cranes

Construction spending was up 80 percent in South Florida in April compared to the previous year, according to the latest report from Dodge Data & Analytics.

Residential construction experienced a small increase of 3 percent, while the commercial sector tripled in construction spending compared to April of last year.

Last month, construction starts totaled nearly $939 million, up from $521 million for the same month last year. Residential starts rose to $400 million from $387 million in April 2016. Commercial construction jumped to $538 million from $133 million.

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Despite the increase in April, overall construction year-to-date compared to the same period of last year fell by 11 percent, to $3.3 billion from $3.7 billion in 2016, according to the report. Residential spending dropped by 31 percent, year-to-date, to $1.7 billion from about 2.4 billion last year. The slow residential gain is a reflection of the slowdown in South Florida’s real estate market. Nonresidential spending saw a 24 percent gain, to $1.6 billion from $1.3 billion.

Dodge Data defines nonresidential as office, retail, industrial, health care, and other commercial uses, but includes multifamily in residential.

Overall, compared to March, total construction starts rose by 21 percent.– Amanda Rabines