Florida Contracts Pick Up the Pace in February

The value of new Florida construction contracts improved by 25% in February, according to McGraw-Hill Construction, publisher of ENR Southeast. The company estimated the value of new contracts at nearly $1.7 billion; last February, Florida registered roughly $1.3 billion in new projects.

All three broad construction categories experienced increases during February. Residential contracts jumped the highest on a percentage basis, increasing by 36% to total more than $868.8 million for the month. The nonbuilding category, which includes infrastructure projects, improved by 29% for a $409.3 million total. And the nonresidential category recorded $408.1 million in new contracts, or 6% better than the same period of a year ago.

Two months into 2012, McGraw-Hill Construction estimates that all three building categories to be positive on a year-to-date basis.

The nonbuilding sector has surged the most, improving by 66% compared to the start of 2011 for a nearly $891.6 million total. The company estimates the year-to-date total for new nonresidential contracts at nearly $1.1 billion, or 32% ahead of 2011’s early pace. Residential contracts totaled nearly $1.6 billion through February, or 23% better than a year ago.

Overall, through February, McGraw-Hill Construction estimates Florida’s new contracts at $3.5 billion, or 35% better than a year ago.

Scott Judy is Deputy Editor for Regions, and editor of ENR Southeast, one of Engineering News-Record's 10 Regional publications. His roughly 27 years as a construction journalist began with an 11-year stint covering Midwest construction projects. In 2000, Judy helped launch the publication now known as ENR Southeast. He often delves into controversial aspects of the construction industry such as bankruptcies and fatal accidents, and wishes he would never have to cover another accident but suspects that he might.