In June, South Florida construction starts tripled compared to the same month last year. In total, construction in the area climbed 240%, reaching $1.9 billion. Residential construction rose 234%, reaching one billion. As for non-residential, these rose by 245% to $795 million. Nonresidential includes retail, hotels, offices, manufacturing, etc.
Year to date, the total South Florida construction starts topped $6.4 billion. This was up 38% compared to the same period last year. For this, residential starts reached almost $4 billion, while non residential reached $2.4 billion. During May, total construction rose 55% YoY. In April, residential construction increased, while commercial starts decreased.
Right now, the real estate market in South Florida is flourishing. The upward trend in residential construction is a reflection of the market. Right now, the luxury market is especially hot.
Nationwide, the demand for real estate has caused prices to rise. Since March 2020, prices have risen by 12%. Similarly, during that period, construction costs have jumped to around 30%.
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AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in South Florida we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. For more information about the current real estate market in the area, contact us today!