Nearly $1.7 billion in new Florida construction contracts moved forward in May, according to McGraw-Hill Construction, but that was 11% behind last year’s pace, as all three sectors declined during the month.
Both the nonresidential and nonbuilding sectors were 13% lower than a year ago. New nonresidential contracts totaled $570.4 million for the month, while nonbuilding starts tallied roughly $432.9 million. The value of new residential contracts was estimated at $683.6 million, or 8% below last May’s pace.
For the year to date, McGraw-Hill Construction estimates the value of 2011 Florida contracts at nearly $8.8 billion, or 23% below the $11.4 billion in projects recorded through the first five months of 2010.