The value of new Florida construction contracts increased in all three broad categories during January, resulting in a 44% overall gain and more than $1.8 billion in new work, according to the latest figures from McGraw-Hill Construction.
The two building categories both experienced notable increases. The nonresidential sector recorded a 58% gain compared to last January, tallying roughly $655.3 million in new contracts. Residential totaled $697.7 million in new contracts for the month, 9% ahead of a year ago.
McGraw-Hill Construction’s nonbuilding category, which includes infrastructure projects, recorded the largest monthly percentage gain, however. The overall value of these contracts—estimated at nearly $482.7 million—more than doubled compared to the previous January.