Orlando commercial construction companies have been busy with expensive projects in this year’s first half, a new report from Dodge Data & Analytics showed.
Construction companies pulled permits for Central Florida commercial projects — including office, retail, hotels, warehouses, schools, medical facilities and religious institutions — totaling $2.3 billion between January-June this year. That was an 81 percent jump when compared with $1.3 billion in the year-ago period.
Meanwhile, homebuilding values in the region — which includes Orange, Seminole, Osceola and Lake counties — hit $3.3 billion in the first six months of this year, which was a 22 percent leap from the 2016’s first half of $2.7 billion.
In all, metro Orlando commercial construction starts were up 41 percent, from $4 billion in last year’s first half to $5.7 billion this year.
For the month of June, total construction starts were up 23 percent from $688.1 million last year to $844.5 million. Homebuilding accounted for $632.8 million of the June values, an increase of 27 percent from $497.6 million in June 2016. And commercial values last month reached $211.6 million, an 11 percent hike from $190.5 million in June 2016.
New construction is a huge driver of the local Orlando economy. It creates both temporary and permanent jobs to our residents and brings new homes into the market to support a growing population. It also serves existing residents and businesses with new space for shops, offices residential property, and brings several more venues to Orlando’s tourism industry, which drew a record 68 million visitors in 2016.
Typically, the higher the value, the more construction jobs a project generates.
Here’s a closer look at some recent construction Orlando Commercial Construction activity:
- Modera at Mill Creek
- Amazon.com Inc.’s $120 million Lake Nona fulfillment center
- Lincoln Property Co.’s $81 million Tremont Plaza
Thank you: Orlando Business Journal