In March, the South Florida residential construction starts increased. In Miami-Dade, Broward, and Palm Beach, residential starts rose by 40% YoY, reaching $461 million. On the other hand, commercial construction starts fell by 2% to $306 million. Residential construction includes single-family homes and multifamily housing. As for nonresidential, it includes retail, hotels, office, healthcare, educational, etc.
Overall, the total number of construction starts rose by 20% YoY. The total? $767 million. However, for the Year to date total, construction starts dropped 5% to $2.7 billion compared to the same time last year. However, the soar in the South Florida residential construction starts shows how much the market in the area is booming. This is especially true for the luxury market. In fact, many newcomers from the Northeast and other out-of-state buyers have shown increased interest in South Florida’s most luxurious real estate options.
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