Miami construction starts fall slightly in August year-over-year

by Rincey Abraham

Construction-crane-homebuilding-builders

Although nonresidential construction starts are on the rise across the Miami-Fort Lauderdale-Miami Beach MSA, overall construction starts dropped in August on a year-over-year basis, according to the latest Dodge Data and Analytics report.

Nonresidential construction starts in August totaled $309 million, up 57 percent from $196.4 million in August 2016. However, residential starts are down 33 percent, from $571.4 million in August 2016 to $384.5 million in August 2017. This led to and overall drop of 10 percent for total construction, from $767.8 million last year to $693.5 million this year.

Total construction starts dropped to $7.2 billion year-to-date, a 5 percent decrease from the $7.6 billion spent at this time last year. Nonresidential construction starts grew 36 percent, from $2.8 billion in 2016 to $3.8 billion in 2017. However, residential spending year-to-date is only at $3.4 billion, which is a 29 percent decrease compared to 2016.

  Aug 2017 Aug 2016 % Change
Nonresidential $309,018,000 $196,405,000 57%
Residential $384,495,000 $571,418,000 -33%
Total Building $693,513,000 $767,823,000 -10%

 

  YTD 2017 YTD 2016 % Change
Nonresidential $3,799,242,000 $271,463,000 36%
Residential $3,429,324,000 $4,847,938,000 -29%
Total Building $7,228,566,000 $7,639,401,000 -5%
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