Housing starts in South Florida fell year on year and month on month in November, according to a recent report.
Construction data analytics firm Dodge Data & Analytics, a Hamilton, New Jersey-based company, reported total construction numbers in counties Palm Beach, Miami-Dade and Broward declined 30 percent year-over-year to $ 854 million.
The launches also decreased by 11 percent compared to October. They were lower than the launches reported for August, but the November launches exceeded those reported for June, May and March.
Construction starts for non-residential buildings accounted for the majority of all new construction in November. Still, non-residential construction starts of $ 475 million in November 2019 were delayed 22 percent. Housing construction fell 38 percent year-over-year to $ 380 million.
Non-residential construction includes office, retail, hotel, warehouse, manufacturing, educational, healthcare, religious, government, recreational and other buildings. According to Dodge, residential construction includes single-family houses and apartment buildings.
Since the beginning of the year, housing starts have declined by a total of 27 percent to 8.8 billion US dollars. Residential construction fell 21 percent to $ 4.9 billion and non-residential construction fell 33 percent to $ 3.9 billion.
Proposed South Florida projects that received home loans last month include a partnership of two local developers who received a $ 15.3 million home loan to build 30 luxury townhouses near South Miami ; and Key International and Integra Investments secure a $ 42.6 million home loan from bank OZK for a luxury condominium project in east Boca Raton.