Our new construction market, according to new data, is among the nation’s best.
Through September of 2014, Miami had the No. 8 new construction market in the country.
According to fresh numbers from Dodge Data & Analytics, Miami’s construction starts for the first nine months of 2014 totaled $6 billion, an strong 19 percent increase over the same period in 2013.
Indeed, such numbers are consistent with what we constantly hear from real estate professionals. As Claudio Stivelman, the CEO of S2 Development, explained to us, “Unlike 2007, this development cycle is being carefully guarded by the development industry. Builders and lenders alike have learned to avoid speculation by vetting projects and making sure they are financially sound and secure prior to breaking ground … the demand and strength of the domestic and foreign economies continue to allow Miami to become one of the most sought after markets in the country.”
See our graph below for some perspective on how Miami compares with the nation’s other top construction markets.