South Florida residential construction starts surge again in April

April residential construction starts up 36%, commercial down 11%

Miami /
May.May 28, 2021 12:30 PM
Total construction starts rose 14 percent in April. (Getty)

Total construction starts rose 14 percent in April. (Getty)

South Florida residential construction starts surged in April, but commercial starts declined, according to a newly released report.

Miami-Dade, Broward and Palm Beach counties’ residential starts increased 36 percent in April, year-over-year, reaching $505 million, according to Dodge Data & Analytics, a Hamilton, New Jersey-based construction data analytics firm.

Commercial construction starts fell 11 percent to $295 million.

Overall, total construction starts rose 14 percent in April, year-over-year, to $800 million, the report shows.

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 remained flat at $3.5 billion, compared to the same period of last year. Residential starts increased 2 percent to $2.2 billion, and commercial starts fell 3 percent to $1.3 billion.

For March, Dodge reported the same trend as April, as residential construction starts swelled, but commercial ones dropped. Residential starts increased 40 percent, year-over-year, in March, to $461 million. Commercial starts decreased by 2 percent to $306 million.

The continuing rise in residential construction starts reflects South Florida’s booming housing market. The luxury market is especially hot in light of high demand from out-of-state buyers.

In the first quarter, residential sales in the region totaled $15.8 billion. The area recently recorded the second most expensive sale of the year in May, with punch time clock heir Edward G. Watkins selling an oceanfront Palm Beach estate for $95 million.

The record for the year is held by private equity titan Scott Shleifer’s purchase of another oceanfront Palm Beach mansion for more than $120 million.





    Related Articles

    arrow_forward_ios
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon) 18 Million, West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Residential sales fall in Southern Florida
    Residential sales fall in April across South Florida
    Residential sales fall in April across South Florida
     Lionstone's Diego Lowenstein with 5901 Miami Gardens Drive (Lionstone, iStock, Loopnet)
    Lionstone roars into Miami Gardens with $17M office building acquisition
    Lionstone roars into Miami Gardens with $17M office building acquisition
    Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
    Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
    Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
     Clearline Real Estate's Jenny Bernell with Block E at 1550 (Smith Aerials)
    Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
    Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
    Worth Capital’s Charles “Rusty” Holzer and 13501 South Shore Boulevard in Wellington (Getty, Google Maps)
    Wellington real estate investor pays $16M for shopping center in own backyard
    Wellington real estate investor pays $16M for shopping center in own backyard
    Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
    Industrial play: Alliance HP trades one West Palm complex for another
    Industrial play: Alliance HP trades one West Palm complex for another
    arrow_forward_ios

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

    Loading...