Residential construction is gaining ground in many metropolitan areas in the U.S. Unfortunately, not everyone did so well in June.
McGraw-Hill released its June construction report this week, and the news confirmed more of what’s been taking place in Miami all year: construction is outpacing 2013.
In June, residential construction activity was up an almost unfathomable 97 percent year-over-year, bring total activity to nearly $400 million. Similarly, though not as impressive, residential contracts awarded were up thirteen percent year-over-year, which is likely the result of the growing lack of available, undeveloped acreage.
Year-to-date, residential construction activity is well ahead of 2013, increasing 23 percent to more than $2 billion. This increased activity should help to continue filling out the city’s inventory and satisfy persisting demand.
Check out our graph below to see how Miami compares with other metros:
