South Florida construction starts down in September: report

Year-to-date, commercial starts still outpacing resi

TRD MIAMI /
Oct.October 27, 2017 02:00 PM

Photo illustration by Jhila Farzaneh for The Real Deal (Credit: Getty Images)

September was a slow month for construction starts, thanks in part to Hurricane Irma.

Overall, new contracts in September totaled nearly $726 million, down 12 percent year-over-year from $822 million, according to a new report from Dodge Data & Analytics.

Residential and commercial each posted declines on a year-over-year basis. Last month, residential construction starts totaled $287 million, a 13 percent drop from $329 million. Commercial declined 11 percent to $438.5 million from $492.6 million a year ago.

Irma impacted deals in all sectors, but especially South Florida’s residential markets. Miami-Dade, Broward and Palm Beach counties all reported fewer home sales in September due to the disruption caused by the hurricane.

Year-to-date construction starts show the effect of the residential market slowdown in South Florida. Altogether, the amount of new construction contracts fell 6 percent to $8 billion from $8.5 billion. Commercial increased 29 percent to $4.3 billion from $3.3 billion for the first nine months of 2016. Residential starts were down 28 percent to $3.7 billion from $5.2 billion the previous year. – Katherine Kallergis


Related Articles

arrow_forward_ios
695 Olive Avenue, West Palm, and a rendering of Canopy Park at 500 Alton (Credit: Google Maps)

South Florida construction starts show short-term recovery in July

South Florida construction starts show short-term recovery in July
(iStock)

SoFla construction starts plummet 54% in June

SoFla construction starts plummet 54% in June
Lennar's Stuart Miller

Homestead homeowners association sues Lennar, alleges shoddy construction

Homestead homeowners association sues Lennar, alleges shoddy construction
Bay Harbor One

Bay Harbor One buyer sues to get out of condo deal, citing alleged defects

Bay Harbor One buyer sues to get out of condo deal, citing alleged defects
Developers are still holding off on starting new construction projects

South Florida construction starts plummet again in May

South Florida construction starts plummet again in May
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Construction in South Florida fell for the second straight month (Credit: iStock)

Construction starts in SoFla continue to plummet

Construction starts in SoFla continue to plummet
(Credit: iStock)

SoFla construction starts plummet amid coronavirus

SoFla construction starts plummet amid coronavirus
arrow_forward_ios

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

Loading...