South Florida developers were practically pouring money into residential construction contracts during July, according to a new report from Dodge Data & Analytics.
Builders were awarded $964 million in single-family and multifamily construction contracts last month. That figure has grown 88 percent compared to $511.5 million in July 2014.
June saw similarly explosive growth with an 86 percent increase in residential construction contracts year-over-year. This is following a significant drop in construction spending during May, when residential contracts were down by roughly $52 million from the year before — a 19 percent decrease.
So far this year, an incredible $4 billion has been spent on residential contracts in the tri-county region including Miami-Dade, Palm Beach and Broward Counties.
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