South Florida construction starts fall in August

Construction starts fell 5% last month

Miami /
Sep.September 28, 2017 11:15 AM

Call it the summer slump?

Construction starts in South Florida fell 5 percent in August to $7.23 billion, according to Dodge Data & Analytics. But like in previous months, the decline is due to huge annual and monthly drops in residential construction starts.

Year-over-year, commercial construction contracts rose 36 percent to nearly $3.8 billion from about $2.8 billion. Residential, on the other hand, fell 29 percent to $3.43 billion from $4.85 billion. Dodge Data includes multifamily development, which has been booming, in its residential category.

From July to August, non-residential construction starts increased 57 percent, from $196.4 million to $309 million. Residential starts posted a 33 percent decline to nearly $385 million from $571 million in July. Overall, construction starts fell 10 percent in August from the previous month.

The numbers make sense given the slowdown of South Florida’s preconstruction condo market. And as commercial construction ramps up, the region’s biggest general contractors have been shifting their attention to office, industrial, infrastructure and more.


Related Articles

arrow_forward_ios
From left: Alejandro Diaz Bazan, David Solomon, Brett Harris and Ana Bozovic (Andian Group, Brett Harris Homes, Miami Girls, iStock)
Build it and they will come: Resi agents join the South Florida spec home development craze
Build it and they will come: Resi agents join the South Florida spec home development craze
Surfside collapse defendants deflect responsibility in new court docs
Surfside collapse defendants deflect responsibility in new court docs
Surfside collapse defendants deflect responsibility in new court docs
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Miami-Dade County hit with lawsuit over West Kendall resi project approval
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
A rendering of one of the planned towers at Magic City Innovation District in Miami’s Little Haiti neighborhood (Arquitectonica)
Miami redevelopment wave sparks fears of climate gentrification
Miami redevelopment wave sparks fears of climate gentrification
arrow_forward_ios

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

Loading...