Florida Construction Starts Awaken in June, Rise 32%
The value of Florida’s June construction starts improved by 32% compared to the same period of a year ago, according to McGraw-Hill Construction, with more than $2.4 billion in new contracts moving forward during the month.
All three construction sectors experienced strong, double-digit percentage jumps in June. The nonbuilding sector, which includes infrastructure projects, improved by the highest percentage, 67%, to tally $665.4 million.
McGraw-Hill Construction, publisher of ENR Southeast, estimated new residential starts at $843.8 million, or 24% better than the same period of a year ago. Nonresidential construction jumped 21% to deliver the greatest volume of new contracts for the month, an estimated $915.4 million.
On a year-to-date basis, however, all three construction sectors remain negative. Through June, residential is 3% behind 2010’s pace, with more than $4.4 billion in new contracts. The nonbuilding category represents the second-largest market so far in 2011. Its year-to-date total of nearly $3.8 billion in new contracts is 19% below the pace of a year ago. Nonresidential contracts total nearly $3.1 billion, or 24% behind the year-ago total.
Through June, McGraw-Hill Construction estimates Florida’s 2011 new contracts at nearly $11.3 billion, or 15% lower than the $13.2 billion recorded midway through 2010.