South Florida construction starts fall in November

Starts down 30% year-over-year, 11% compared to October

Miami /
Dec.December 23, 2020 12:30 PM
(iStock)

(iStock)

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.

Starts also fell 11 percent, compared to October. They were lower than starts reported for August, but November’s starts exceeded those reported for June, May and March.

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.





    Related Articles

    arrow_forward_ios
    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
    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
    The $125 million Grove Central project going up next to the Coconut Grove Metrorail Station (RSM Design)
    Top 10 development projects in Miami-Dade in 2021
    Top 10 development projects in Miami-Dade in 2021
    From left: Alejandro Diaz Bazan, David Solomon, Brett Harris and Ana Bozovic (Andian Group, Brett Harris Homes, Miami Girls, iStock)
    Build it and they will come: Resi agents join the South Florida spec home development craze
    Build it and they will come: Resi agents join the South Florida spec home development craze
    Surfside collapse defendants deflect responsibility in new court docs
    Surfside collapse defendants deflect responsibility in new court docs
    Surfside collapse defendants deflect responsibility in new court docs
    Chicago firm plans apartments, commercial complex on Edgewater OZ site
    Chicago firm plans apartments, commercial complex on Edgewater OZ site
    Chicago firm plans apartments, commercial complex on Edgewater OZ site
    Miami-Dade County hit with lawsuit over West Kendall resi project approval
    Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
    Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
    A rendering of one of the planned towers at Magic City Innovation District in Miami’s Little Haiti neighborhood (Arquitectonica)
    Miami redevelopment wave sparks fears of climate gentrification
    Miami redevelopment wave sparks fears of climate gentrification
    arrow_forward_ios

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

    Loading...