Miami2018-09-26T12:41:47+00:00
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Miami-Fort Lauderdale-West Palm Beach

Miami’s construction market appears to be hitting “bubble” status as the apartment and condominium markets are showing signs of distress.

Developers now have more than 18,000 new apartment units planned or under construction in Miami. That works out to 10.8% of the existing inventory, more than any other major metropolitan area, according to Real Capital Analytics. In addition, there are more than 47,000 new condominiums east of Interstate 95 in Miami-Dade, Palm Beach, and Broward counties, with more than 22,000 those units coming on line, of which 71% are in Miami-Dade County. Miami already has more than 15,000 condos on the market which represents a 14-month supply, a 20.4% spike in just one year. Sectors expected to drive growth through 2020 include healthcare, education, and infrastructure. Infrastructure is forecasted to grow at a 9.7% annual rate, while healthcare is projected to grow 6.7% annually, and education at 3.9%. Construction labor has not been able to keep up with current construction market demand. With more than 90% of Florida general contractors looking to hire, skilled labor is in short supply. Top regional projects include the Turkey Point Nuclear Reactors ($20.0B), American Dream Miami ($4.0B), and the Miami Herald Redevelopment ($3.1B).

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