South Florida’s new commercial construction spiked in 2017

The residential side was another matter, due in large part to the condo market slowdown

Miami /
Jan.January 25, 2018 12:00 PM

(Credit: MaxPixel)

South Florida in 2017 was a tale of two sectors when it came to new commercial and residential construction.

On the commercial side, developers were putting shovels in the ground at a rapid pace, with $5.7 billion in new construction. That amounted to a 27-percent increase from 2016, according to Dodge Data & Analytics’ year end report. The commercial sector, including multifamily and industrial, is 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.

On the residential side it was a different story, due in large part to South Florida’s condo market slowdown.

Residential construction starts for the year fell 33 percent from 2016, to $5 billion. Major metros in Miami-Dade, Broward and Palm Beach counties all reported fewer home sales year-over-year, according to a recent Douglas Elliman report.

The drop in residential starts pulled down the total in 2017. The $10.7 billion residential and commercial starts for the year trailed 2016, which posted a combined $12 billion, according to Dodge Data.

December was a slow month overall. Residential starts declined 53 percent to $306 million, while commercial construction dropped 20 percent to $253 million.


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
(iStock)
South Florida construction starts fall in November
South Florida construction starts fall in November
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
(iStock)
South Florida October construction starts drop, year-over-year
South Florida October construction starts drop, year-over-year
Aria Mehrabi and renderings of the projects
Target-anchored mixed-use project planned for North Beach advances
Target-anchored mixed-use project planned for North Beach advances
Dan Azel with 8900 Southwest 107th Avenue and 10700 Southwest 88th Street (Credit: Google Maps)
Construction honcho pays $17M for Kendall office buildings
Construction honcho pays $17M for Kendall office buildings
August construction starts rose in South Florida
South Florida construction starts rose in August
South Florida construction starts rose in August
arrow_forward_ios

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

Loading...