SoFla construction starts jump in November
Construction starts in South Florida rose in November, as both residential and commercial sectors saw increases on a year-over-year basis.
According to Dodge Data & Analytics, last month’s total building activity spiked 41 percent, up to more than $866 million. Compared to the same month last year, residential construction increased 36 percent to $417.9 million. Commercial construction also increased, up 47 percent, to $448.9 million in November.
On a year-to-date basis, South Florida construction starts rose 14 percent to $11.9 billion. Non-residential held steady and remained flat at $5.3 billion. However, residential starts increased 28 percent to $6.5 billion, up from $5.1 billion during the same period last year, and already outpacing last year’s total of $5.1 billion.
A strong shift toward multifamily construction is helping lift spending amid a condo market slowdown. But despite the increase in residential building (which includes multifamily), federal data suggests the apartment boom may be waning thanks to a consecutive monthly decline in building permits.
Commercial construction includes office, retail, hotels, warehouses, manufacturing, educational, healthcare, religious, government, recreational, and other buildings, while residential includes single-family and multifamily housing, according to the report.
Source: The Real Deal