Resi construction outpaced commercial in March in South Florida: report

Construction spending in South Florida was up 50% in Q1

Miami /
Apr.April 26, 2018 05:30 PM

(Credit: Pixabay)

Residential construction starts outpaced commercial starts in South Florida last month, according to a new report from Dodge Data & Analytics.

Overall, spending was up 4 percent in March to $1.06 billion. The amount of nonresidential construction contracts fell 3 percent to $458.7 million, while residential starts increased 10 percent to nearly $600 million.

For the first quarter, construction spending has jumped 50 percent compared to the first quarter of 2017. Again, residential contract volume exceeded commercial with $1.6 billion of commercial contracts – up 41 percent year-over-year – and $2.04 billion of residential spending, which marks a 58 percent increase compared to the same period last year.

Construction costs are expected to continue rising across the U.S. thanks in part to President Trump’s plan to tax overseas metals. Since the announcement in March, steel prices have risen as much as 10 percent nationwide. But the tariffs likely won’t impact South Florida developers due to the region’s strict building code that requires concrete structures to be held together with rebar.


Related Articles

arrow_forward_ios
Regalia condominium tower at 19575 Collins Avenue in Sunny Isles Beach (Google Maps)
Regalia association scores $18M settlement in construction defects lawsuit
Regalia association scores $18M settlement in construction defects lawsuit
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
The Easton Group's Edward Easton and a rendering of the warehouse project
Easton scores $24M construction loan for Hialeah Gardens spec warehouse
Easton scores $24M construction loan for Hialeah Gardens spec warehouse
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
arrow_forward_ios

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

Loading...