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Construction starts across South Florida plummeted in March, as coronavirus impacted development plans and supply chains.
Nonresidential construction starts fell 47 percent to $262.7 million in March, year-over-year, according to Dodge Data & Analytics. Residential construction dropped 57 percent to $298.4 million, during the same timeframe.
Overall, building construction fell 53 percent to $561 million in March, compared to March 2019, according to the report.
Nonresidential buildings include office, retail, hotels, warehouses, manufacturing, educational, healthcare, religious, government, recreational. Residential buildings include single-family and multifamily housing.
Construction is still deemed an essential business in Florida and is allowed to continue, but some contractors have said that they are experiencing issues finding subcontractors and getting supplies. Some projects in the early stages of planning are now delayed as a result of coronavirus.
Two large Miami Beach projects were ordered to suspend construction in early April after failing to comply with CDC guidelines.
The post SoFla construction starts plummet amid coronavirus appeared first on The Real Deal Miami.
from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/05/01/sofla-construction-starts-plummet-amid-coronavirus/
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