The overall value of new Florida construction contracts fell precipitiously in July, for a monthly total of less than $1.6 billion, according to McGraw-Hill Construction, publisher of Engineering News-Record. The monthly total was a 60% decline from the same period of a year ago.
The biggest dropoff was in the nonbuilding sector, which includes infrastructure contracts. Its July total of $442.2 million was 83% lower than the nearly $2.6 billion recorded last July. The nonresidential category also dropped dramatically, declining by 39% compared to a year ago for a $352.3 million total. Residential contracts eked out a 1% gain, and totaled $773.9 million.