South Florida construction starts dropped in November, both year-over-year and month-over-month, according to a recently released report.
Total building in Palm Beach, Miami-Dade and Broward counties dropped 30 percent, year-over-year, to $854 million last month, according to Dodge Data & Analytics, a Hamilton, New Jersey-based construction data analytics firm.
Nonresidential construction starts represented most of the total new building for November. Still, $475 million in nonresidential construction starts lagged November 2019 by 22 percent. Residential construction fell 38 percent, year-over-year, to $380 million.
Nonresidential construction includes office, retail, hotels, warehouses, manufacturing, educational, healthcare, religious, government, recreational, and other buildings. Residential construction includes single-family homes and multifamily housing, according to Dodge.
Year-to-date, total construction starts dropped 27 percent to $8.8 billion. Residential construction fell 21 percent to $4.9 billion, and nonresidential fell 33 percent to $3.9 billion.
Proposed projects in South Florida that scored construction loans last month include a partnership of two local developers that received a $15.3 million construction loan to build 30 luxury townhouses near South Miami; and Key International and Integra Investments securing a $42.6 million construction loan from Bank OZK for a luxury condo project in eastern Boca Raton.