The Real Deal Miami

South Florida construction starts spike in January: report

Resi starts increased 95% last month to about $629M
By Amanda Rabines | February 23, 2018 11:30AM

(Credit: Pixabay)

Developers hit the ground running at the start of the new year.

Construction spending in South Florida increased 68 percent year-over-year last month to $1 billion, up from $597 million in January 2017, according to a new report from Dodge Data & Analytics.

Though residential construction took a hit last year, the opposite can be said for the beginning of 2018. New residential starts in the region, which include multifamily, jumped 95 percent in January to about $629 million, up from $322 million in January 2017. Single-family home construction recently posted record numbers in the southern United States.

The commercial sector also saw a boost in January. Commercial construction starts increased 37 percent year-over-year last month to $376 million, up from $274 million.