After suffering a dismal decline in July, Florida experienced a welcome upturn in the pace of new construction contracts in August, according to McGraw-Hill Construction, publisher of Engineering News-Record. Compared to the same period of a year ago, the state saw a 25% improvement in the volume of new contracts during the month, for an overall total of roughly $2 billion.
By percentage basis, the nonbuilding sector, which includes infrastructure contracts, saw the biggest gain, 58%, to tally $531.2 million for August. The residential sector contributed $886 million to the monthly total, for a 13% gain. The nonresidential sector experienced a 21% gain for a $597.8-million total.
For the year-to-date, however, Florida’s pace of new construction contracts is still 20% lower than the same period of a year ago, with a total of nearly $15 billion in new projects so far.
The nonbuilding sector has declined by 36% compared to last year, delivering $4.8 billion in new construction contracts. The nonresidential category is down by 21% compared to 2010’s pace, with $4 billion in new contracts to date. The residential sector, estimated at nearly $6.2 billion through August, is flat compared to 2010.