Miami’s new construction market plummeted in January, as spending dropped double digits from a year prior, according to research from Dodge Data & Analytics.
But the dip isn’t so bad.
Yes, residential construction spending from Jan. 2016 to Jan. 2017 fell 36 percent, or by more than $150 million. However, for the whole of 2016, spending was up by 7 percent.
2017’s poor start may very well be a readjustment from 2016’s strong construction activity. However, even if it is a redefining of the pace of residential construction in Miami, that’s not necessarily a bad thing, depending on where the decreases are happening. As far as the city’s condo and luxury markets are concerned, there’s currently too much inventory.
Check out our table below to see how Miami compares against the other markets we cover:
| Metro area | Jan. 2017 | Jan. 2016 | Percent change |
|---|---|---|---|
| Atlanta | $536,391,000 | $630,154,000 | -15% |
| Boston | $169,022,000 | $495,061,000 | -66% |
| Chicago | $889,444,000 | $415,450,000 | 114% |
| Houston | $694,669,000 | $675,751,000 | 3% |
| Miami | $311,899,000 | $490,688,000 | -36% |