The amount of money spent on new construction of multifamily housing has increased year-over-year in Miami, according to Dodge Construction Network.
The construction data and analytics company’s report of the 2022 Top U.S. Metropolitan Areas for Commercial Buildings and Multifamily Housing Construction Starts shows that the dollar value spent on multifamily housing starts has increased in many of the largest metropolitan areas. Specifically, the amount spent on new multifamily construction rose by 33% in Miami from 2021 to 2022. Nationwide, the value of multifamily construction starts increased by 25% to $148.4 billion.
“The year 2022 will go down as a banner year for construction starts,” said Dodge Construction Network chief economist Richard Branch in a press release. “Even when adjusted for inflation, commercial and multifamily starts were impressive as construction activity began to move back towards downturn urban cores. The pace of activity, however, is unlikely to be sustained in 2023 as the economy is slated to slow and approach stall speed.”
Additionally, the report notes that the two largest multifamily projects started in Miami in 2022 were the Aria Reserve building (which cost $700 million to build) and the Waldorf Astoria hotel and residences (which cost $450 million).
Other metros with impressive year-over-year increases in value of multifamily housing starts include New York (+76%), Dallas (+48%), Atlanta (+29%), Houston (+29%), Phoenix (+16%) and Austin (+17%).