Though the amount of construction in Miami might seem abundant to its residents, the dollar amount spent on construction starts is actually on the decline throughout the city. A recent report by Dodge Data & Analytics reveals that total building spending dropped to $889.8 million in July 2017. This is a 33 percent decrease from the $1.3 billion spent in the same month just last year.

By the numbers, Miami spent nearly $472.1 million in nonresidential construction activity in the past month alone – a whopping 20 percent reduction from the $587.8 million that was spent in July 2016. Residential spending saw a similarly sever loss at 44 percent, with the spending amount bottoming out around $417.6 million.

Year-to-date spending on construction also fell across the board. The amount spent on residential starts in Miami has decreased 29 percent from $4.2 billion in 2016 to $3 billion in 2017 so far. However, nonresidential construction rates did rise slightly year to date, growing 37 percent to $3.5 billion. For this reason, total starts starts tumbled only 4 percent year-to-date with $4.1 billion spent through July. 

These findings are in contrast with those of last month which reported a general increase in construction rates throughout the Miami metropolitan area.

Source: Dodge Data & Analytics