Construction spending in South Florida took a nosedive in November, according to a new report, but that hasn’t derailed the industry from outpacing itself by roughly $800 million compared to 2015.
The report, released Thursday by construction research firm Dodge Data & Analytics, shows the number of contracts signed in November were down considerably when held against the same month in 2015.
Residential construction starts hit $351 million last month, marking a drop in volume of 32 percent. Nonresidential construction, which encompasses everything from hotels to government buildings, also fell 22 percent to just below $196 million during the same time frame.
Spending volume in South Florida’s construction industry can be volatile, especially during this stage of the real estate cycle when residential developers are taking a more cautious approach to launching projects.
But even with this most recent plummet, the region is still far ahead of where it was this time last year. Year-to-date spending reached $9.92 billion in November, putting it within striking distance of the $10 billion spent during all of 2015
Source: The Real Deal
