Dodge Data & Analytics released new statistics on money spent on new Miami construction Thursday. The report considered all May 2017 constructions starts in the Miami area.

There was a positive change for nonresidential construction starts between May of this year and last, according to the report. Miami’s total in nonresidential construction starts equaled $297,346,000 while last year’s was $220 million. However, residential building decreased in May with starts totaling $371 million while 2016 saw a greater total expenditure of $486 million.

Residential building’s declined by 24 percent, a departure from nonresidential’s positive change of 35 percent. The numbers put total beginning building costs in Miami for May at $669 million, a decrease by 5 percent from 2016 which ended with $707 millionspent.

Year-to-date Differences

According to the report, nonresidential building saw a 26 increase in the year-to-date numbers between this year and last. Money spent on residential construction starts differed greatly with a significant decrease from $2,910 billion in 2016 to $2,053 billion in 2017. Residential construction’s change of -29 percent brought down the percent change for total building (nonresidential and residential construction starts) to -10 percent.

These lackluster numbers conflict with earlier reports of booming residential construction in Miami. According to past Dodge Data & Analytics reports, April of this year saw a 302 percent increase in residential construction, much higher than May’s -24 percent change between 2016 and 2017. Total building percent change for May was -5 percent versus April’s 80 percent, while the year-to-date numbers stayed more consistent with May’s. The year-to-date percent change in April was -11 percent and May’s equaled -10 percent.

Year-to-Date Numbers

Source: Dodge Data & Analytics