Year-to-date South Florida construction increases 19 percent; September month-to-month shows decline

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Construction spending year to date in South Florida has increased by 19 percent, or $1.2 billion, compared the same period a year ago, Dodge Data & Analytics reports. However there was a sharp drop in month-to-month comparable data between Sept. 2014 and Sept. 2015.

Some $7.5 billion in construction contracts have been awarded this year through September in Miami-Dade, Broward and Palm Beach counties, compared to $6.3 billion in 2014.

Despite the year-over-year increase, residential contracts decreased by 67 percent in September, compared to September 2014, Dodge Data & Analytics reported.

Residential contracts reached $952 billion in September, 2014; in the same month this year, they fell to $312 billion.

This was partially offset by a 25 percent increase in month-to-month non-residential spending, from $178 billion in September 2014 to $222 billion in September 2015, the report said. However, 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 costs rise, The Real Deal has reported.

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