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% |