Although we are approaching the end of this development cycle, the Miami new construction market continued to show strength through 2016. Dodge Data & Analytics is reporting that in July Miami saw over $854 million spent on new construction, down about 18% year-over-year. That also brings Miami to about $4.218 billion spent on new construction in 2016, up 1% year-over-year. This new construction has been sparked by healthy sales, as developers must presell 80% of the project to break ground, which should help support stability in the market as over 14,700 units are under construction with over 30,000 in the planning and pre-sales phase.