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.
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.