Construction Spending In South Florida Rises

By Ismael Rodriguez

Construction in South Florida topped off 2016 by spending $10.6 billion, a slight 3 percent increase from the previous year.

The latest report from Dodge Data and Analytics showed the region surpassed the previous year, despite less spending in the commercial sector and a stagnant month of December.

During the last month of the year, new construction projects dropped by 39 percent compared to December 2015, from $1.5 billion to $917.7 million. This affected nonresidential construction, which plummeted by 64 percent in December, from $840.1 million in 2015 to just under $300 million.

Overall, South Florida saw an increase in construction spending because of to the 7 percent rise in its residential sector. Residential starts reached $7.13 billion in 2016, compared to $6.68 billion in 2015.