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South Florida construction starts on the rise in February

Commercial spending was up 99% to $775M.

Residential and commercial construction starts in South Florida are picking up momentum.

In February, construction spending was up 81 percent to nearly $1.5 billion compared to the previous year, according to a new report from Dodge Data & Analytics. Starts of commercial projects totaled $775 million, up 99 percent year-over-year. Residential construction increased by 64 percent to $698 million.

Year to date, construction spending rose 84 percent to nearly $2.6 billion compared to the previous year. New residential starts in the region saw the highest increase in construction spending, up 93 percent to $1.44 billion. Commercial spending also rose to $1.15 billion, a 73 percent increase from last year.

In the U.S., construction costs have also been on the rise. While those costs are expected to increase due to President Trump’s new tariffs on steel and aluminum, South Florida will likely be spared due to the region’s strict building code that requires concrete structures to be held together with rebar.

SOURCE: https://therealdeal.com/miami/2018/04/02/south-florida-construction-starts-on-the-rise-in-february/

By Amanda Rabines