Construction starts in South Florida drop in October

Residential construction fell 47% last month

TRD MIAMI /
Nov.November 28, 2017 03:00 PM

Construction cranes

Construction starts in South Florida fell 23 percent in October to $1.37 billion, according to a new Dodge Data & Analytics report.

Commercial building continues to outpace residential, due in large part to South Florida’s condo market slowdown. Last month, new commercial starts increased 36 percent to about $720 million, while residential starts declined 47 percent to $653 million, compared to October 2016.

Year-to-date, construction spending fell 9 percent in October to $9.47 billion from $10.4 billion the previous year, according to the report. Commercial starts increased 30 percent to $5 billion, while residential starts fell 32 percent to $4.4 billion.

Despite the consecutive decline in residential building nationwide, home sales in the U.S. rose 6.2 percent month-to-month in October, marking the biggest uptick seen in a decade.

While the condo market may be hurting, commercial sectors, including multifamily and industrial, are thriving as some of the region’s biggest general contractors shift their focus to building properties like warehouses, seaport and airport facilities, and apartment buildings. – Amanda Rabines


Related Articles

arrow_forward_ios
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

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

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

arrow_forward_ios
Loading...