According to a report from Dodge Data & Analytics, a total of $596 million was spent on residential construction contracts in August in both single-family and multifamily construction across Miami-Dade, Broward and Palm Beach counties. It’s a 59 percent increase from $374 million compared to the same month last year. Non-residential construction grew by 25 percent year-over-year. Roughly $221 million was spent on non-residential contracts during August, up from $177 million last year.
For the year, home builders and developers have spent $4.65 billion on residential contracts and $2.3 billion on non-residential contracts. Those numbers are up 44 percent and 19 percent for residential and non-residential, respectively, compared to the same time period last year. These numbers could be an indication of more projects coming online in South Florida, though some fear it could signal rising prices or a shortage of labor.
