SoFla’s residential construction starts rise in October, commercial plummets

Residential construction starts rose 3%, commercial fell 34%

Miami /
Nov.November 29, 2018 03:30 PM

South Florida residential construction (Credit: iStock)

Residential construction in South Florida picked up in October, year-over-year, while commercial construction dropped off significantly, according to a new report by Dodge Data & Analytics.

Commercial construction starts decreased 34 percent last month to $453.7 million, while residential construction starts increased 3 percent to $686.2 million according to the report.

Due to the sharp decline in commercial construction, total building activity dropped 16 percent to about $1.14 billion in October, year-over-year.

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.

On a year-to-date basis, commercial starts fell 4 percent to $4.86 billion, while residential spiked 27 percent to $6.08 billion. In September, residential construction already outpaced last year’s total of $5 billion in residential spending.

Year-to-date, total building activity increased 11 percent to $10.9 billion.

Despite the increase in residential building (which includes multifamily), federal data suggests the apartment boom may be waning thanks to a consecutive monthly decline in building permits.


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
Tate Capitals' Jimmy Tate and 801 Seabreeze Boulevard in Fort Lauderdale (Tate Capital, Google Maps)
Developer Jimmy Tate’s proposed Bahia Mar project faces more controversy with filing of new lawsuit
Developer Jimmy Tate’s proposed Bahia Mar project faces more controversy with filing of new lawsuit
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Jules Trump and Suffolk CEO and chairman John Fish with a rendering of the Estates at Acqualina (Getty, Suffolk, Avra)
Trump Group, Suffolk Construction sue each other over Estates at Acqualina
Trump Group, Suffolk Construction sue each other over Estates at Acqualina
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
arrow_forward_ios

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

Loading...