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
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

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

arrow_forward_ios