South Florida construction starts rose slightly in December, year-over-year. But full-year 2020 results still fell far below those of 2019, according to a recently released report.
For the full year, total construction starts fell 25 percent to $9.6 billion in 2020. Nonresidential construction fell 30 percent, year-over-year, to $4.3 billion. Residential fell 20 percent to $5.3 billion, according to Dodge Data & Analytics, a Hamilton, New Jersey-based construction data analytics firm.
In December, total construction starts for Miami-Dade, Broward and Palm Beach counties rose 6 percent, year-over-year, to $802 million. A 5 percent annual drop in residential construction starts, to $426 million, was offset by a 24 percent jump in nonresidential construction starts, to $375 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.
Month-over-month, December’s total construction starts fell 6 percent, from $854 million in November.
December’s results were below figures from October and August, but were above those from May and April.
Major construction loans secured before the close of 2020 included Coastland Construction scoring a $38.3 million construction loan for a planned housing development of 113 townhouses and 288 multifamily units in Miami Gardens, and Cymbal Development closing on a $60.3 million construction loan for an apartment building next to the Dania Pointe mixed-use development in Dania Beach.