South Florida construction starts fall in July

Commercial construction starts saw the sharpest decrease, down 55% y-o-y

Aug.August 30, 2018 03:30 PM

(Credit: Pixabay)

South Florida construction starts fell in July on a year-over-year basis.

Total building activity declined 38 percent to $586 million in July 2018, according to Dodge Data & Analytics. Residential construction starts decreased 17 percent to $354 million. And commercial construction saw the sharpest decrease, down 55 percent to $232 million from $521 million.

On a year-to-date basis through July, construction starts rose 13 percent to $7.95 billion, due to a boost in residential starts. Non-residential new construction contracts fell 5 percent to $3.4 billion, while residential starts jumped 32 percent to nearly $4.5 billion, up from $3.4 billion during the same period last year.

For several months now, residential construction activity has outpaced commercial spending. In June, commercial construction starts plummeted 44 percent to $616 million from $1.1 billion, on a year-over-year basis.

Commercial construction includes office, retail, hotels, warehouses, manufacturing, educational, healthcare, religious, government, recreational, and other buildings, while residential includes single-family and multifamily housing, according to the report.

Construction costs are expected to continue rising across the U.S., thanks in part to President Trump’s plan to tax overseas metals. Developers have already expressed concern over the cost of materials and the construction labor shortage that is plaguing the rest of the country.

Related Articles

William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

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