Residential construction is up by leaps and bounds in South Florida's market.
The construction industry is one of the inarguable success stories in 2012’s housing recovery, and nowhere is that more true than in South Florida.
According to a new report from McGraw-Hill Construction, residential construction in the South Florida market is up 79 percent from last year, with cumulative contracts for residential and nonresidential construction totaling $648.6 million and $696 million, respectively.
Other details include:
- Total construction volume is 44 percent higher than in 2011.
- Nonresidential construction in Miami-Dade, Broward and Palm Beach counties is up 22 percent for the same period.
- As noted by the South Florida Business Journal, McGraw-Hill also found that future construction contracts rose, with nonresidential contracts up 99 percent. Though not as stratospheric, future residential contracts were up 15 percent to $141.8 million.
The construction news is just the latest positive development for South Florida’s housing market. In addition to strengthening home prices, huge increases in pending home sales and record-setting sales for condos, things could not be brighter for the Sunshine State.