Both residential and commercial starts saw an increase in construction rates for April 2017. Since Miami’s overall construction rates have been falling for some time due to excess supply, this new report from Dodge Data & Analytics shows a notable diversion from the previous trend.
Residential construction saw a 302-percent increase, as builders spent $538.2 million on housing construction in April 2017 versus $133.8 million in April 2016, according to Dodge. Commercial construction only saw a 3-percent increase from April 2016 to April 2017, but total starts experienced a notable 80-percent increase last month.
Year-to-year comparisons show a similar trend for residential construction rates — home construction rose 24 percent year-over-year in April, according to Dodge. However, the report shows the construction market as a whole is still falling despite the spike last month. Commercial building fell 31 percent and total construction fell 11 percent.