The New Year is waiting in the wings and so too are many new commercial and residential construction projects in South Florida. While there has been much uncertainty during these past two tumultuous years, we’ve seen some leveling off as we look ahead at what’s to come in 2022.
From our perspective at Seacoast Construction, here is a glimpse at what to expect on the Florida construction scene in the next 6-12 months:
- The resumption of many stalled projects – while COVID put some projects on hold, many of those paused projects are now kicking back up. This resurgence in demand could further strain the existing shortage in the labor market.
- An increase in new projects – due to market confidence and COVID restrictions easing in South Florida, many new projects are also in the pipeline.
- Sustained high home prices – homes have been super hot throughout Florida but recently have cooled down just a bit. Miami has taken over the #2 spot on the “most expensive places to live in the U.S.” list.
- Shortage of rental units – rental properties are insane, and tenants are in bidding wars as they try to obtain an apartment.
- A resurgence in restaurants – new restaurants are popping up all over the Tri-County area of Miami-Dade, Broward and Palm Beach.
- A growth in healthcare projects – health facilities are beginning to adjust the shortage in supply and thus more healthcare projects are in the works.
- An increased interest in office space – perhaps surprisingly construction is kicking back up in the office sector as new office buildings are being built. Companies like Uber, Microsoft and other large firms are making South Florida their new base or secondary location.
As we flip the calendar, we are excited about the opportunities 2022 will bring. If you’re preparing to launch a new project or are ready to resume a project you put on hold, we are here to help. Get in touch with our team at Seacoast Construction to schedule a free consultation to discuss your project.
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