23 Oct

Construction boom: 19% increase in South Florida, McGraw Hill says

SFBJ

By Brian Bandell / October 23, 2014

The construction boom is in full force, with a 19 percent increase in construction contracts awarded in South Florida through the first nine months of 2014, according to McGraw Hill Financial.

There were $6.02 billion in construction contracts handed out in the tri-county region, up from $5.06 billion in the same period a year ago. Most of that was on the residential side, where condo towers and apartment projects are proliferating, which saw a 30 percent increase, to $3.96 billion.

Commercial construction grew just 2 percent, to $2.05 billion.

All this construction has helped the labor market in that industry.

South Florida accounted for 21.9 percent of the total construction projects awarded in Florida. Statewide growth was 11 percent.

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