$7.5 Billion Spent in Construction in 2015 in South Florida

Construction Reaches $7.5 Billion so Far in 2015 in South Florida

 Miami Real Estate activity continues its steady growing trend as many factors indicate sustained momentum. According to a RealtyTrac report released Wednesday, one Miami zip code actually has the highest ratio of home flips in the country: 33056 in Opa-Locka.Also the demand for rentals has also grown to the point that Miami has become the eight most expensive rental market in U.S. The sector of new construction has neither shown signs of slowing down. Construction spending year to date in South Florida increased by 19 percent, or $1.2 billion, compared the same period a year ago, according to a report released Thursday. The amount of construction contracts awarded this year through September was $7.5 billion in Miami-Dade, Broward and Palm Beach counties. In 2014, it was $6.3 billion.

Despite the year-over-year increase, residential contracts decreased by 67 percent in September, compared to September 2014, according to a report by Dodge Data & Analytics. In September 2014, residential contracts reached $952 billion; in the same month this year, they fell to $312 billion.

Nonresidential spending was up 25 percent month-t0-month, from $178 billion in September 2014 to $222 billion in September 2015, the report said. The huge decrease in residential contracts resulted in a 53 percent drop in month-to-month activity in both residential and commercial. Some South Florida developers have slowed their accumulation of property as land prices and construction cost rise. * The Real Deal

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