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Miami construction rates saw notable jump in June, report says

by Claire Fountas

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Total Miami construction rates increased in June, according to recent data from Dodge Data & Analytics. These numbers indicate diversion from the recent pattern of declining construction, which has occurred frequently due to excess inventory. The report considered all June 2017 construction starts in the area.

Residential construction saw a 10 percent decline year-over-year, but this drop wasn’t as severe as its 24 percent decline in May. Despite this decrease, construction rates still climbed overall. Money spent on nonresidential starts soared from $430.7 million in June 2016 to $1.1 billion in June 2017. This allowed total construction rates to rise 58 percent year-over-year.

Year-to-date numbers, however, show more of a modest growth in total construction. Money spent on residential starts dipped by 26 percent from the beginning of Q1. Nonresidential starts, on the other hand, still rose — year-to-date spending increased from $1.9 billion to more than $3 billion. As a whole, Miami construction rates have increased by three percent this year.

Construction Type June 2017 June 2016 Change
Nonresidential $1,108,804,000 $430,768,000
Residential $562,781,000 $623,874,000 -10%
Total Building $1,671,585,000 $1,054,642,000 58%
Year-to-date YTD 2017 YTD 2016 Change
Nonresidential $3,062,271,000 $1,979,321,000 55%
Residential $2,602,040,000 $3,534,420,000 -26%
Total Building $5,664,311,000 $5,513,741,000 3%
Source: Dodge Data & Analytics

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