Miami’s skyline has quickly become one of the largest and tallest in the country.
The area has been building high-rise condos, hotels, and offices at breakneck pace, leaving contractors scrambling to keep up. We expect this trend to continue well into the 2020s. Things like hurricanes pose a unique challenge to the industry, however, and building standards are becoming stricter as storms become stronger and more frequent.
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 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.