According to Berkshire Hathaway’s Businesswire, construction in Florida’s metropolitan areas rose 39.8% in the second quarter of this years compared to the same time a year ago. Forbes Magazine listed three Florida Cities in the top twenty cities in the nation with the most new construction. This information was compiled by McGraw-Hill Construction data. There was around $6 billion in new construction starts from January to May of 2013 in these three cities alone.
Construction Activity In Florida Rises 39.8% Year Over Year
Out of the top 20, Tampa-St. Petersburg-Clearwater, Fla was ranked 16th with $1.7 billion in new construction starts from January to May of this year. The change for that area is 38% since 2011. One major project started this year there is the Renovation and Addition of Emergency Department Relocation in Tampa, FL. Orlando was ranked 12th with $2.2 billion in new construction starts from January to May of 2013. This is a 43% increase from 2011. One large project started this year is the Cabana Bay Beach Resort Hotel. Miami was ranked 7th with $2.8 billion in new construction from January to May of 2013. Most notably, they had $6 billion in new construction starts in 2012. The annual change from 2011 was an impressive 77%. A large project started in 2013 in Miami was Dezer Properties’ Porsche Design Residences in Sunny Isles Beach, FL. Who would have thought that major condominium projects would begin so soon in Miami? Florida Construction News considers this growth “phenomenal”, especially when you consider how depressed these markets were so recently.