05 Mar Construction projects in San Diego up nearly 70 percent
San Diego’s skyline could soon become dotted with more construction cranes.
The amount of future construction contracts increased 69 percent in January compared to one year ago, according to estimates from Dodge Data & Analytics. The amount of future construction projects is estimated at $301.6 million. Those numbers are expected to provide a big boost to real estate in San Diego and the construction totals bode good news for the San Diego real estate market, both commercial and residential.
Non-residential projects totaled $212.5 million — nearly three times what they were one year ago — while residential projects such as single-family and multi-family housing were estimated at $89.2 million. Such a large increase in construction is more improvement for real estate in San Diego, as more residents move to the area, buy new homes for sale in San Diego and contribute to the region’s economy.
Projects such as One Paseo, a $750 million development in Carmel Valley with retail space and luxury condos, as well as a $190 million life-science lab and office campus at University Towne Center called i3, are some of the largest projects that have either recently been approved or broken ground.