Miami, FL

Miami is known for its diverse and modern architecture. The number of new skyscrapers popping up across the city is only increasing, leading many to use the word “manhattanization” to describe the trend.

A lot of these are new residential developments, which make up a little over half of the market. The market is also increasingly focused on commercial and mixed-use development to help cement Miami’s status as a cultural hub. North America’s largest cruise terminal is currently finishing construction here and is set to open sometime in the Spring.

Cost escalation here is higher than in other parts of the country, and supply-chain issues have increased the cost of a typical project by around 20%. This hasn’t been enough to offset the booming market – demand is simply so high that developers can recoup their losses. It has, however, caused contractors to buy materials earlier than they normally would, which has in turn caused more of a project’s cost to be paid upfront. This trend can help explain the gentle decline in commercial construction since 2020.

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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