The South Florida market is one of the most dynamic regions in all of Florida. Made up of the counties of Palm Beach, Broward and Miami-Dade, residential construction has always been a major economic driver for the economy. And it has come back after the recession in a big way.
Currently, 175 condo projects with more than 24,000 units are being built across Miami-Dade and Broward, most in the urban core. You just have to look up to see the towering cranes dotting the skyline to appreciate that construction is on the rise.
Who are the buyers? First and foremost, foreign nationals paying cash. Buyers from Latin America, Canada and Europe see the US as a safe haven for their investments. Another group is baby boomer couples moving in from the suburbs. No longer raising children, they want to live in a vibrant, urban environment.
To keep up with this demand, new and renovated retail, restaurants and medical facilities will bring opportunities for GSD Contracting. This is our home turf and we have a long track record of successful completions in these categories.
Another economic driver, especially in Broward and Palm Beach, is servicing of super-yachts. As marinas undergo construction to improve and expand to accommodate this large class of luxury boats, associated marine businesses will follow. We are experienced in this category, and are currently building for InterMarine in Fort Lauderdale.
The lack of large tracks of land for master-planned communities affects all three counties. This, in turn, puts pressure on well-established communities to improve their community facilities to attract buyers. We expect our renovation project work of community infrastructure to continue to grow in coming years.
They say, “Grow where you’re planted.” This is our home, and we have so much history here. As a major construction company in South Florida, we’re very optimistic about all categories of business in the years ahead.