Residential construction in Miami to reach record highs in 2019
HAVANA — As construction continues at a record pace in Miami and the state of Florida, a residential construction boom is taking place in Miami-Dade County.
Haven’t found a better way to stay in style, the outlook for 2019 is a sunny one for residential construction, according to the latest numbers released by the Florida Association of Realtors.
More than a million new units are planned for construction in the state, more than the 1.1 million construction workers who will be laid off in the next few months.
In a statement on Tuesday, the FAR said that the total number of new homes being built in the county is now at more than 8 million.
It’s a jump of more than 50,000 from this time last year.
The number of apartments expected to be built in 2020 is nearly 6.5 million.
Lauderdale alone, there are expected to more than 100,000 apartments.
The construction boom has not come without controversy.
The FAR released a study this year saying that Miami-based developers are spending more than $100 million more per unit than they were paying for them to build in 2018.
The study also said that new housing was being built more slowly than it was a year ago.
Last year, the Florida Housing Authority said it would cut down on the amount of new construction in favor of new housing.
The agency has since made several changes.
Housing advocates say that the FHOA’s new policy will only increase costs for existing residents.
“The FHA’s decision is a slap in the face for the many families who are already paying a steep price to live in the city, especially those with limited access to affordable housing,” said Marielena Paez, president of the Housing Action Coalition.
Paez said the new FHAA policy is an attempt to “remedy the harm done by the previous policy.”
“There is still a lot of affordable housing in Miami,” she said.
“The FHFA’s decision to not give residents access to the units that they are currently paying for is an insult to the thousands of families who were left out of the housing recovery effort.”
More than 80 percent of new apartments built in Miami this year were located in the Downtown Miami area, which is in the outer reaches of the city.
The most recent FHIA figures show that the area has been one of the fastest growing in the country.
“We are seeing a boom in Miami as new development continues,” said Pauline Johnson, executive director of the Downtown Alliance, which represents developers in the area.
Johnson said the boom has helped push the price of apartments downtown to a record high.
The Downtown Alliance also said in a statement that the development boom has been a boon for the city’s arts and culture scene.
“For years, the Downtown Partnership has focused on keeping downtown vibrant and diverse, as the number of arts and cultural events and performances are growing year over year,” the statement said.
“With the growing popularity of new entertainment and arts-related businesses, Downtown continues to attract new talent to our region.”
Johnson said that as more projects are being planned for the area, she hopes to see the FHA “to make a meaningful contribution” to that effort.
The latest numbers for the residential construction industry show that there are currently more than 6,000 units planned for Miami-Brickell alone, a rise of more 2,500 units from the previous year.