In South Florida, according to Kirby, "We are seeing the most activity in the multifamily residential rental market." He cited recently awarded contracts for projects in Fort Lauderdale and Miami.

Skidelsky thinks recent hospitality projects, such as Turner's $170-million Four Seasons project at Walt Disney World and a contract for a Tampa casino, could bode well for the future. "With the right development team and project planning, [hospitality] projects are moving forward," he says.

And Rodgers, whose firm is building a $100-million office development in Charlotte, says she is "cautiously optimistic" that this long-dead market may rejuvenate.

Still, the market continues to be defined by extreme competition for projects.

Describing it as "still intense," Kirby says, "We are still seeing larger numbers of bidders on projects throughout all markets and lower bid amounts. Some competitors are still willing to take on projects under an unsustainable fee model."

Adds Skidelsky: "Competition has been fierce, and we have seen our competitors dive for projects with extremely low fees."

This trend may be winding down, however, Kirby points out. "We do see some stabilization, with companies now adjusted to the new economy and no longer willing to take a project just to keep people working."

But a return to a more normal level of competition may take awhile, says Rodgers. "We'll see a slow recovery, and some markets will be slower than others," she notes.

The List

The Top Starts ranking includes the 25 largest projects—by total project cost—that started construction during 2011 within the states of Florida, Georgia and the Carolinas. ENR Southeast used multiple sources to create the list, including McGraw-Hill Construction's Dodge database, submissions from contractors and design firms as well as news reports.