According to construction research from Dodge Data & Analytics, spending on new construction projects is down 22 percent in South Florida from August 2015 to August 2016. A total of $725.87 million in construction contracts was signed in South Florida during August, to bring 2016’s year to date total to $7.24 billion, $12 million behind last year’s total. Both residential and nonresidential contracts were affected. The report states residential construction hit $570.96 million in August, a 20 percent downturn from last year. Non-residential, including hotels and government buildings, was also down 20 percent for a total of $154.9 million. Builders are blaming part of the decline on rising construction costs.
