2015 shaping up to be a modest year for new construction in Miami

Residential construction spending in the Miami area was down 19 percent year-over-year in May, and so far in 2015 is 14 percent ahead of where it was last year.

Those were the two big stats from the latest Dodge Data & Analytics report, a monthly look at residential construction activity in the nation’s largest metro areas.

Miami Agent assembled a series of graphs on Dodge Data’s findings. Below is total residential construction spending in May:

May was a weaker month of new construction in Miami, with its $285-million rate only ahead of San Francisco, among large metro areas.

Miami’s year-over-year growth was also disappointing:

Year-over-year construction, however, can vary wildly from month to month, so it’s not the most reliable measurement of an area’s market.

Year-to-date numbers, by contrast, smooth over that volatility and offer a more accurate view of an area’s construction market:

At 14 percent, Miami’s new construction market is still growing over 2014, and at a very healthy rate. Will consecutive months of negative growth, though, impact that year-to-date measurement?