Despite strong improvement in Florida’s building markets, the state’s March total for new construction contracts fell 24% overall due to a sharp drop in the pace of infrastructure project starts. McGraw-Hill Construction Dodge, publisher of ENR Southeast, estimated the value of new March construction contracts at just over $2 billion.
Despite the sizeable decline, builders had plenty to cheer in March. Nonresidential contracts tallied $692.2 million for the month, or 45% better than last March’s $477.8 million. And residential contracts roared to life as well, increasing by 43% to totally nearly $1.1 billion.