South Florida construction activity grows in double digits
Construction starts have increased 14 percent in the first nine months of 2018, according to Dodge Data & Analytics.
The company tracks building permits in markets nationwide. If found $9.76 billion in construction starts in the tri-county area in the first three quarters of this year, up from $8.56 billion during the same period in 2017.
The residential market was the driving factor. Residential construction starts – including single-family homes, condos and apartments – spiked 30 percent, to $5.36 million. Few major condo projects have broken ground this year, but there’s been much activity in the apartment sector.
Nonresidential construction starts – including commercial real estate, hotels, educational facilities, health care facilities and government – was flat, at $4.41 billion.
All this new construction has had a major impact on the employment market. Florida added 70,700 construction jobs during the past year, more than any other state, according to Associated General Contractors of America. Yet, many construction firms warn that they’re having trouble finding enough workers to meet the demand for their services.
Brian Bendell, South Florida Business Journal