Construction starts in South Florida drop in July

Year-to-date, spending fell 4% to $6.6B

Aug.August 24, 2017 12:00 PM

Miami skyline (Credit: Getty Images)

Construction starts in South Florida fell 33 percent in July to $890 million, according to a new Dodge Data & Analytics report.

Commercial and residential building were both down last month. New commercial starts dropped 20 percent to $472 million and residential starts declined 44 percent to $418 million, compared to July 2016.

Year-to-date, spending fell only 4 percent to $6.6 billion from $6.8 billion last year, according to the report. While commercial building has increased 37 percent to $3.5 billion so far this year, residential fell to $3 billion, down 29 percent from $4.3 billion.

Housing starts across the United States fell last month, a slowdown that was driven by a drop in apartment construction, according to data released by the U.S. Commerce Department.

Residential starts declined almost 5 percent to an annualized rate of 1.16 million. Starts on multifamily homes dropped just over 15 percent, and single-family starts fell by 0.5 percent.

As commercial construction ramps up, thanks in part to the residential slowdown in South Florida, the region’s biggest general contractors, which include MCM, Coastal Construction Group and Moss & Associates, are shifting their focus away from condo construction. Instead, they’re building rental apartments, offices, hotels and warehouses, schools, roads, bridges, and seaport and airport facilities.

The industry is also dealing with a shrinking and aging workforce.

Related Articles

William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

Rendering of Missoni Baia with a concrete truck and Vlad Doronin (Credit: Getty Images and iStock)

5,800-ton concrete pour set for Missoni Baia condo tower

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

One Ocean

Allegations of shoddy construction pile up at Related’s One Ocean

Miami beach (Credit: iStock)

Hurricane Dorian spared South Florida but will still cost developers and contractors

A satellite image of Hurricane Dorian (Credit: Getty Images, iStock)

As Hurricane Dorian barrels toward South Florida, developers and builders prepare

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center