Construction spending rises, led by private money.

By
Real Estate Agent with Sheryl Goldberg, LLC.

May 1, 2012

 

Nationwide construction spending including Miami, Bal Harbour, Miami Beach and Sunny Isles Beaach,Fl increased 5.9 percent in March compared to the same period a year earlier.

The positive growth comes in contrast to a 3.2 percent decline in public spending compared to last March and a 1 percent drop from February of this year.

Despite dwindling government investment, private spending was up in both residential and non-residential construction, signifying a possible improving economic climate.

The biggest growth in the private sector came from new multi-family home construction, which jumped 23.2 percent year-over-year.

Single-family home construction was also on the rise along with non-residential commercial and office construction, increasing 10.3, 9.4 and 8.6 percent, respectively. Miami is one of the top leaders alomg with Surfside, Downtown Miam and South Beach.

 

Comments (2)

Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

There is nothing like South Beach and the part of Miami you are in. What a spot to wake up to every morning.

May 04, 2012 09:56 PM
Eric Estate
JB Goodwin - Austin, TX

This is great news.  New home construction is a leading indicator of the state of the economy.  In Austin, our supply of homes for sale (inventory) is at a historical low.  We need more!

May 04, 2012 10:24 PM