After years of uncertainty, it can safely be said that the economy is not only back on firm ground, but also showing signs of sustained growth. Indeed, consumer spending is increasing, hiring numbers are climbing, home prices are rebounding and, of course, real estate development is up.
If you don’t believe it, consider the results of a recent survey undertaken by Dodge Data & Analytics, a leading data analysis firm that specializes in construction matters.
According to this survey, there was a 52 percent increase in construction contracts awarded here in South Florida in 2014 with the total value of these contracts coming in at $10 billion. This was found to constitute an overall increase of $3.4 billion from 2013.
Breaking the numbers down further, the survey found that the majority of these tri-county construction contracts were in the residential sector, which saw a 62 percent increase from 2013 with $6.62 billion in contracts.
The nonresidential sector — hotels, health care establishments, government projects, commercial real estate, etc. — also saw significant gains with $3.39 billion in contracts, a 35 percent increase from 2013.
Recently released figures from the Associated General Contractors of America would seem to confirm this explosion in real estate development. Here, the group identified Miami-Dade County, Broward County, and Palm Beach County as being among the top five areas in the state for construction job growth in 2014, ranking second, third and fifth, respectively.
It’s truly encouraging to see real estate development once again take off in both the residential and commercial sectors in South Florida. Of course, any entity planning to undertake a building project should strongly consider retaining the services of an experienced legal professional who can handle everything from contract negotiations and bidding to licensing and litigation.
Sources: South Florida Business Journal, “South Florida construction contracts surge 52 percent in 2014,” Brian Bandell, Jan. 29, 2015; The Palm Beach Post, “Top 10 Florida cities for construction Â jobs,” Kim Miller, Feb. 5, 2015