April 2, 2018
According to a report released by Dodge Data and Analytics, this past February showed new construction spending was up 81 percent from the previous year. That number comes in at nearly $1.5 Billion with commercial development starts totaling $775 Million and residential construction totaling $698 Million.
Year to date new residential construction starts saw the highest increase in spending to $1.44 Billion. That’s a 93 percent increase. This trend is drastically different from 2017 when the residential construction market took a large hit falling nearly 33 percent from 2016.
Construction costs in the United States have also been on the rise. Some believe this trend will continue with the implementation of President Trump’s new tariffs on steel and aluminum. South Florida, however, may be spared due to the region’s strict building code requiring concrete structures to be held together with rebar.
For more information on the latest residential new construction projects coming to South Florida, contact your new construction expert, award-winning broker, Niki Higgins.
Source: The Real Deal
