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New home starts fall in Miami real estate market
0 new message(s) Last Visit: 07/19/2019 12:40
don Elliott
5 messages
04/18/2017 05:34 PM
New home starts have fallen steadily this year as the Miami real estate market deals with an excess of unsold inventory, according to a report released Thursday by Dodge Data and Analytics.
Dodge's report on February housing starts shows a 42 percent drop in construction spending, with $390 million spent last month compared to $676.9 million in February 2017. Those numbers dragged down the entire construction market in Miami; despite a 31 percent increase in nonresidential spending, total construction spending was down 20 percent in February compared to last year, Dodge reports.
In the year-to-date comparison, new home starts were down 40 percent, from $1.1 billion in 2016 to $703 million through February 2017. Though nonresidential construction spending increased by 49 percent, overall construction spending dropped by 14 percent compared to last year, according to Dodge.
A cooling of the home construction industry may not be a bad thing for Miami. It may in fact be a correction to last year's housing boon that has contributed to the city's huge inventory of unsold units.
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